By
Steve Muchoki
April 24th, 2024
Bithumb, South Korea’s leading cryptocurrency exchange, is planning to issue its own Bithumb Coin. The new tokens will target foreign countries, focusing on large-scale investors.
Bithumb, South Korean cryptocurrency exchange, is planning to launch its own digital currency Bithumb Coin, according to TokenPost.
Bithumb is one of the world’s largest Bitcoin and Ether cryptocurrencies exchanges based in Seoul, South Korea. Founded in 2013, it is the leading exchange by Bitcoin trading volume. Around 75% of all Bitcoin trading volume and around 50% of all Ethereum trading volume in South Korea comes via Bithumb. Bithumb Exchange is known for its high-speed transactions. It has a real-time trading system and charging occurs through viral accounts. Last year, the exchange was hacked, resulting in loss of more than $1 Million in cryptocurrencies.
Recently, Monaco (MCO) Token based in Switzerland has been listed on Bithumb.
We are pleased to announce $MCO's listing on @BithumbOfficial, one of the top 10 cryptocurrency exchanges globally, today. To demonstrate our commitment to the Korean market, we now have a Korean website (https://t.co/Q4Vx1blfTs) and community channels. https://t.co/QoHyGp9jKS pic.twitter.com/H63zsaK0pt
— Crypto.com (@cryptocom) April 19, 2018
As for the Bithumb Coin, it is aimed at big-time institutional investors such as institutional investors for its token sales, rather than individual investors.
A person associated with Bithumb said: “We know that the Bithumb coin is underway at a local subsidiary acquired by Bithumb’s subsidiary. Details such as the specific schedule and issue size have not been confirmed.”
Moreover, the initial coin offering (ICO) of the Bithumb Coin is expected to be carried out in Singapore, where the exchange has recently established its unit for the issuance of the token, and abroad. It is connected with the ICO ban in South Korea in September last year. The ban cited increased risks of financial scams. As a result, many startups tend to issue their cryptocurrency in a foreign country. For example, ICON (ICX), considered to be the ‘Korean version of Ethereum’, was issued in Switzerland.
Bithumb is not the first cryptocurrency exchange that has made the decision to create its own token. Recently, Chinese cryptocurrency exchange Huobi announced its plans of issuing its own in-house token, called Huobi Token (HT) and based on Ethereum.
Popular cryptocurrency exchange Binance already has its own token known as the Binance Coin (BNB), which enables users to trade at significantly discounted costs, while the company rewards token holders every quarter with a coin burn in order to increase the token’s scarcity and increase the cryptocurrency value.
KuCoin’s native token, ‘KuCoin Shares’, is meant to reward holders with income by generating from fee collection on the exchange.