The First ‘Convertible Coin Offering’ (ICCO) Launches In Malta

After moving forward with its regulation efforts, Malta is in the news again – this time for the launch of the world’s first Initial Convertible Coin Offering (ICCO) platform. The ICCO was launched by a company called Palladium who claimed to launch what is known as the world’s first platform of this kind.

Basically, the ICCO will follow regulations by a prospectus, where the “tokenized convertible warrant” will be approved by the Malta Financial Services Authority. The project is subject to strict EU rules and the eventual issuance will hand investors the right to convert the tokens into Palladium shares three years after they are issued.

According to the founder of Palladium and the chairman of the company, Paolo Catalfamo:

“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 crypto-currencies,”

The company that Catalfamo owns, Investar, owns 85% of the shares in Palladium and has a controlling stake in Global Capital plc. which is a Maltese financial services firm. The other shareholders include a company named Unikrn Inc., led by Rahul Sood who is a former CEO of Microsoft Ventures.

The Prime Minister of Malta also spoke at the launch, confirming the massive potential that blockchain has in the country. As he said:

“The three pieces of Blockchain legislation which were passed in Parliament recently form the start of a new exciting journey putting Malta in the frontline,”

Catalfamo, on the other hand, spoke about the Maltese government’s approach towards regulation, adding that the ICCO method was one of the most unique investment opportunities that they were handed, stating:

“Institutional investors recognize the scale of the opportunity, but the lack of regulation has kept them watching from the sidelines. We expect Palladium’s solution will change this. Cutting-edge blockchain technology will allow customers to use regulation-compliant, multi-asset accounts to manage fiat and cryptocurrencies.”