Bithumb, one of South Korea’s most prominent digital currency exchanges, is expected to issue its own in-house cryptocurrency, named BITHUMB Coin.
BITHUMB Coin’s underlying initial coin offering (ICO) cannot however take places the exchange’s home country of South Korea as the East Asian country has banned the fundraising strategy a year ago. Subsequently, Bithumb will follow Icon (ICX) and others in launching its ICO abroad — with Singapore supposedly being the more likely location.
It is envisaged that the BITHUMB Coin’s ICO will target big-time institutional investors as opposed to your normal everyday Cryptocurrency investors.
Bithumb however was the casualty of a well-known security breach a year ago, which saw cybercriminals snatch billions in clients’ cryptocurrency holdings.
Bithumb’s plans for an ICO comes after Chinese Crypto exchange Huobi declared its plans of issuing its own in-house token, called Huobi Token (HT), which will be an ERC-20 standard token on the Ethereum blockchain.
Prominent digital currency trader Binance also currently has its own token and it has encountered huge successes since its launching. Binance Coin (BNB) offers platform users the capacity to exchange at essentially decreased costs, while the company rewards token holders every quarter. This is intended to build the token’s shortage and, in principle, make the digital money more profitable.
Similarly, KuCoin’s own in-house token, KuCoin Shares (KCS), is intended to reward holders with easy revenue by sharing income created from fee collection. It is sensible to predict that BITHUMB Coin will work in a similar way.