A Malta-based blockchain company launched what it described as the world's first fully regulated Initial Convertible Coin Offering.
The objective is to give investors “peace of mind” and a stake in the future of virtual currencies, the company Palladium said.
The launch was made in the presence of Prime Minister Joseph Muscat at the Malta Stock Exchange just a few days following parliament's approval of a blockchain regulatory framework through three separate Bills.
The issuance of a tokenised convertible warrant, which is regulated by a prospectus approved by the Malta Financial Services Authority will give investors the right to convert tokens into shares of Palladium three years after the issue date.
Palladium chairman Prof. Paolo Catalfamo said this project had the potential to create 100 jobs and bridge together traditional financial service and cryptocurrencies.
The fundraising target is €150 million
He also praised the Maltese government for being at the forefront of regulating blockchain technology.
The fundraising target is €150 million and the pre-sale of Palladium tokens started on Tuesday. The offering period for subscription of the tokenised securities will run from July 25 to September 30.
Proceeds will be used to support the three core blocks of Palladium's solution: 50 per cent towards the acquisition of a controlling interests in the European Bank, 35 per cent into the formation of a regulated crypto exchange and the development of a clearing and settlement blockchain platform and 15 per cent into strategic investment in financial services and blockchain companies complementing Palladium’s business.
Palladium is also drawing on leading personalities in business, technology, financial services and blockchain to sit on its board and advisory board. Among them are the former CEO of Microsoft Ventures, the former attorney at the US Securities Exchange Commission, and the former managing director of Credit Suisse.
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