Bittrex, which is one of the world’s leading cryptocurrency exchanges, has recently bought a 10% stake in the Malta-based blockchain company Palladium, according to recent media reports. Bittrex, founded in 2014, provides digital wallets, real-time trade execution and other security practices.
Palladium was launched to much fanfare back in July this year, with Joseph Muscat – the Prime Minister of Malta – making a speech at the launch event. Mr Muscat claimed that the recent development was the next in a step to turn Malta into the “blockchain island”.
Bittrex technology is designed to create and power cryptocurrency trading platforms to provide security and reliability. The US-based firm is currently a leader in the worldwide blockchain revolution.
Palladium Chairman and founder Paolo Catalfamo was happy about the current development and went on to emphasise the importance of working with the Maltese government to create a fully regulated blockchain space.
Explaining the unique applications of Palladium, Paolo said that the company had designed “elegant and unique” solutions to the biggest problems facing blockchain tech in the current market, allowing for a unified “banking, investment and crypto” interface which was fully compliant to EU regulations.
According to Paolo, Palladium is “well on its way” to unlocking incredible potential in crypto projects worldwide, and the company has been working with Maltese regulators to ensure everything is in place for its launch.
Paulo Catalfamo is certainly no stranger to the Maltese business world, having acted as chairman of Globalcapital, a Maltese insurance giant, for the past few years.
Palladium recently made the news after launching one of the world’s first fully regulated and tokenised convertible warrants. This provides investors with peace of mind when it comes to placing a stake in the future of cryptocurrencies. These tokens will provide investors with the right to convert them into shares in Palladium, three years after their initial issue date.
