A World First! Palladium's Upcoming ICCO
“There's nothing like this in the history of banking or cryptocurrency. Palladium has found a way to solve some of cryptocurrency's biggest drawbacks with a single solution within existing regulations”. Rahul Sood, Unikrn founder, and former Microsoft Ventures CEO.
Palladium is launching the world’s first initial convertible coin offering (ICCO) with partners, Bittrex and Unikrn. The major difference between ICOs and ICCOs is with ICCOs, those who invest can convert tokens into company shares. With Palladium, investors will be able to do so three years after acquiring the convertible tokenised warrants.
“Cutting-edge blockchain technology will allow customers to use regulation-compliant, multi-asset accounts to manage fiat and cryptocurrencies” Professor Paolo Catalfamo, Palladium founder.
The Difference Between ICOs and ICCOs
Palladium, based in the "blockchain island" of Malta, is reinventing the ICO model because most fail to deliver, leaving backers emptyhanded. So, in a move to address regulatory uncertainty, one of cryptocurrencies biggest obstacles, Palladium intends to build the first fully regulated crypto exchange. This exchange will be regulated by a Malta Financial Services Authority (MFSA) approved prospectus. Additionally, it will be subject to strict European Union rules. Without a doubt, it is expected this will grant investors with peace of mind by lowering investment risk and providing safety guards like traditional IPOs.
“We expect this project, which will create more than 100 job opportunities, to be a historic landmark and to bridge the gap between traditional financial services and cryptocurrencies”. Professor Paolo Catalfamo, Palladium founder.
The Palladium ICCO seeks to distribute over NZD$258 million in tokens with their general offering scheduled for July 25th to September 30th. For distribution, 50% of proceeds will go towards acquiring a controlling share in a European bank; 35% will go into forming the regulated exchange; the final 15% will go towards financial service and blockchain company investments.
The Future of Money
It is widely recognised that government support of innovation in blockchain technology is needed while applying regulation to protect consumers/investors. Consumers and blockchain companies alike want crypto to be easy to use, safe, and widely adopted. ICCOs will give investors actual convertible warrants for ownership of a companies shares while following strict regulatory guidelines. To conclude, the solution ICCOs provide may well pave the way for the future of money.
If you want to learn more about initial coin offerings (ICOs) see our ICO explainer.