On September 2, 2018, the Times of Malta reported a story that symbolizes the ongoing migration in the global cryptosphere toward Malta. Bittrex, a crypto exchange ranked among the top 10 in the US recently purchased a stake of 10 percent in Palladium, a Maltese blockchain company that recently attained prominence for its pioneering creation of a tokenized convertible warrant for its share offering.
Malta as New Blockchain Frontier
Source: Times of Malta
Apart from its prosaic crypto exchange service, Bittrex offers technology for building and powering crypto trading platforms within a context of reliability and high security. The US-based company is a true crypto heavyweight and is considered to be one of a small number of companies at the vanguard of global cryptocurrency innovation and blockchain adoption.
The purchase of a 10 percent stake in Palladium represents more than just a mutually beneficial investment in a company whose technology will be of benefit to Bittrex’s trading and development business. More and more organizations in the cryptocurrency and blockchain space around the world are choosing Malta as a base for their European operations.
This is largely due to its friendly regulatory environment and its proactive, positive stance on crypto and blockchain legislation. Prior to the announcement, other notable blockchain companies that chose to invest in Malta include OKEx and Binance, amongst others.
Alluding to Malta’s growing pull in the global cryptosphere, Paolo Catalfamo, founder, and chairman of Palladium, said:
“We are excited to have such a global player on board. Bittrex’s investment in Palladium is a confirmation of Malta’s sound decision to be at the forefront of regulating blockchain technology.”
The company made headlines around the world in August 2018 after announcing the successful launch and development of the world’s first fully regulated tokenized convertible warrant, which is an investment tool that vastly reduces the risk for investors in its share offering and makes the actual investment process exponentially easier.
Under the terms of the fully regulated issue, investors are given the ability to convert the tokens into Palladium shares exactly three years from the issue date using a smart contract framework. The deal was approved by the Malta Financial Services Authority (MFSA) and deemed fit for purpose under strict EU rules which Malta is a signatory to.
This is a framework that Bittrex certainly will find interesting for the purpose of giving its customers access to an expanded array of investment options. Currently, the services Bittrex offers to its users include real-time trade execution, digital wallets, and cutting-edge security services. In July, Bittrex teamed up with Invest.com to offer crypto trading services in the EU as the company seeks to grow its European footprint.
Featured image by Derek Fenech