VALLETTA, July 10 (Xinhua) -- The Malta-based firm Palladium launched an Initial Convertible Coin Offering (ICCO) platform on Tuesday which promised to "bridge the gap between traditional financial services and crypto-currencies".
The "tokenized convertible warrant" which investors can buy, will be regulated by a prospectus approved by the Malta Financial Services Authority -- the country's regulator -- and is subject to "stringent EU rules". Investors will have the right to convert the tokens into shares of Palladium, three years after the issue date.
"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," Palladium founder and chairman Paolo Catalfamo said at the press conference marking the ICCO's launch.
Speaking at the launching ceremony, Maltese Prime Minister Joseph Muscat said that blockchain technology would create a new economic niche for Malta, which would generate more jobs and wealth.
The government and all other stakeholders in the industry are paving the way for Malta to be a blockchain island, Muscat 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," he added.
