Malta-based blockchain company Palladium has launched a fully Initial Convertible Coin Offering (ICCO), which it claims is the world's first ever.
The company intends to raise 150 million euros and use the proceeds to support the three core blocks of Palladium's solution. The pre-sale of the tokens is on.
Investors in the ICCO will receive a convertible warrant with the right to convert the tokens into shares of Palladium three years after the issue date, for partial ownership of the company.
The subscription period is from July 25 to September 30.
Half of the proceeds from the offering will go towards the acquisition of a controlling interest in a European bank, 35 percent for formation of a regulated crypto exchange, and 15 percent for strategic investments in financial services and blockchain companies complementing Palladium's business.
Palladium has partnered with Unikrn and US-based cryptocurrency exchange Bittrex to develop a new crypto trading platform to be powered by Bittrex technology.
The Palladium unified platform for fiat banking and cryptocurrency exchange is expected to ultimately help in bridging the gap between cryptocurrencies and traditional financial services. It is already in the process of acquiring a banking license.
The platform will provide a single solution within a fully legal and regulatory compliant framework by allowing users to buy, sell, trade, and save in any currency, crypto or fiat.
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