Current Affairs
Service launched to convert tokens in shares of Palladium company

A blockchain company based in Malta, the Palladium, launched the first initial convertible coin offering with the aim of raising 150 million euro in funds which, for the first time in the world, will be regulated by the new laws approved in Parliament.

The launching was made in the Malta Stock Exchange in the presence, among others, of Prime Minister Joseph Muscat. Palladium chairman, Professor Paolo Catalfamo, said that this service will give the right to investors to convert tokens in shares of the Palladium company, three years after the date of issue.

Prof Catalfamo, the founder of Palladium, added that he expects that the convertible coin project will create over a 100 job opportunities and will reduce the gap between the traditional financial services and the cryptocurrencies.

During the launching at the Malta Stock Exchange, Professor Catalfamo praised the Maltese Government for being in the forefront to regulate the blockchain technology. He said that the target of raising the €150 million funds will permit the company to support its three major parts of the Palladium solution. He added that 50% of the funds will go for the acquisition of a control interest in a European bank, 35% in the formation of exchange regulated crypto and the development of a blockchian payments platform and compensation, while 15% will be used for strategic investments in the financial services and blockchain companies.

Prime Minister Muscat stated that the blockchain industry offers an opportunity for innovation, saying that this offers opportunities for more wealth and jobs. He added that the recent approved laws not only placed Malta in the forefront in the sector, but also will offer more peace of mind and stability. He thanked Prof. Catalfamo for his continuous believe and investment in Malta.

Parliamentary Secretary for Financial Services, Silvio Schembri, announced that a course in degree level will start in October at the University aimed at preparing Maltese students for new opportunities created in this new industry.

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