According to reports, Bithumb is planning to release its own cryptocurrency named Bithumb Coin. The native token is expected to be available for purchase later this year, although only big investors will be able to take part in the initial private sales.
Experts name Singapore as a possible country for the official registration of the Bithumb ICO. It’s not the first time Korean companies choose foreign countries for conducting ICOs, mostly due to prohibitive South Korean legislation. Icon (ICX), a Korean platform token, was launched in Switzerland for the same reason.
Bithumb becomes yet another exchange which issued its own tokens to increase profits, along with such companies as Houbi, Binance, and KuCoin. The native tokens offered by these platforms typically require lower transaction fees, so they are quite popular among the investors. Moreover, companies like KuCoin pay investors a part of the company’s profit if they use the platform’s native token.
Binance Coin has been the most successful project so far, as all ICO participants managed to secure hefty profits. The company claims to conduct quarterly coin burns to increase the value of the token.