Bithumb Exchange To Issue its Own Token 'Bithumb Coin'

Bithumb, Cryptocurrency exchange of South Korea is now planning to issue its own token called, ‘Bithumb Coin’. Recently we could see that Binance a Crypto exchange also did the same earlier this year and released their own token ‘Binance Coin’. Is Bithumb following the same strategy?

According to TokenPost, Bithumb corporation in Singapore recently announced that the token sale will be held in Singapore. This sale will be focusing on large-scale investors such as institutional investors rather than individuals. The reason why this ICO is held in Singapore because in South Korea ICO’s are banned.

As of now, South Korea government is still planning to legalize the ICO’s but still South Korea’s Financial Services Commission (FSC) is not satisfied and is enforcing KYC and Anti-Money Laundering System.

“We know that the Bithumb coin is underway at a local subsidiary acquired by Bithumb’s subsidiary,” Bithumb said (loosely translated), “Details such as the specific schedule and issue size have not been confirmed.”

Chinese Cryptocurrency exchange Huobi announced earlier this year its plans to issue its own token Huobi Token (HT) based on the ERC-20 standard. But Huobi stated that it would not conduct an ICO, and only the active users of its trading platform will receive Huobi Token (HT).

Also, we have seen last year Bithumb underwent a major security breach, and users accounts of Bithumb had been risked due to the attack. Assuming that Bithumb has been increased its security level after the attack last year.

What do you think of Bithumb issuing its own Token? let us know in the comments below.