Malta-based company Palladium is to launch the world’s first “initial convertible coin offering” (ICCO) with two partners including Bittrex, writes Cointelegraph.
An ICCO is a different concept to an ICO as in this case investors will have the option to convert their assets into company shares in the future. Palladium has stipulated a three-year wait until conversion.
Palladium has confirmed that it wishes to build an exchange in crypto-friendly Malta and will also seek acquisition of a controlling interest in a European bank using 85% of the funds raised from the ICCO along with “strategic investments in financial services and blockchain companies complementing Palladium’s business”. The rest will be used to build the new Maltese exchange.
The company has indicated that the ICCO will see a distribution of USD 150 million in tokens scheduled to begin on 25 July. Founder and co-chairman Paolo Catalfamo commented:
“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 cryptocurrencies.”
In other news from the country, the University of Malta has just announced that it will now offer a blockchain degree as part of civil servant training later this year.
The initiative which was announced last year and will have taken a year to implementation was partly due to criticism that the government hadn’t done enough to offer the young the necessary skills to join the burgeoning block train industry in the country.
This move reflects global trends in IT education around the world which are generally taking on board cryptocurrency and blockchain courses, the latest being the London School of Economics, one of the leading academic institutions for higher learning in the world.
This latest of courses by another well-established institution will cost GBP 1,800, (about USD 2,400) and offers 60 hours of study, after which graduates will become certified crypto academics.
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