Bithumb Launches Bithumb Coin
One of the most important cryptocurrency exchanges in the market, Bithumb, has decided to launch its own virtual currency dubbed Bithumb Coin. The South Korean exchange is one of the most important in the world by trading volume, managing $1.13 billion dollars in the last 24 hours.
According to the South Korean news outlet, TokenPost, Bithumb has decided to launch its own token in Singapore due to the strict regulations imposed by the South Korean government. It is important to remark that Initial Coin Offerings (ICOs) are banned in South Korea since September 2017.
At the moment, Bithumb did not give any explanation or information about the schedule when it will be launched, or how it is expected to work. According to a Bithumb spokesperson, the intention is to attract important investors with the new ICO that will be carried out in Singapore.
Bithumb Coin will be a similar cryptocurrency to Binance Coin and Huobi Token, in this way, the exchange will bring additional liquidity to the trading platform. Both tokens have been launched on the Ethereum’s network and the Binance Coin will be used in the future as the native token of a decentralized crypto exchange.
Initial Coin Offerings have been a financing method used by crypto and blockchain-related companies in order to expand their products and businesses. Several investors are placing their bets on different ICOs trying to gain important returns in the future. If successful, ICOs have great ROI. But the reality is that most of them do not have a happy end, and just a few are able to prosper.
Bithumb will be delivering a new cryptocurrency to the industry but is yet to be seen how it will be used and which ones will be the details behind it.