Bithumb to issue its own token

The prominent cryptocurrency exchange Bithumb has decided to follow the example of rivals and has announced the upcoming release of Bithumb Coin. The date of the ICO start has not been specified at the press time.

The decision not to issue brand tokens in South Korea is easily explained by the direct prohibition of ICOs in this country. If they were not forbidden, Bithumb would have almost certainly not prefer Singapore as its future ICO jurisdiction. This provides a solid argument for those observers who insists that the ban of ICOs was unnecessary and made more harm for the country’s economy.

The corporate portfolio has recently been disclosed by the state regulators of South Korea. According to them, Bithumb has $6 billion in cryptocurrency. Interestingly enough, they have more Ripple (a sum totalling $1.6 bln) than bitcoins ($1 bln of them).

The initial token price of Bithumb Coin is unclear, but one may state with certainty that the token’s behavior would depend on the further steps made by the exchange. This is usually how all corporate digital assets act on the market.

Image courtesy of Bithumb