A native coin for Bithumb Chain has been launched by Bithumb Global. It is the exchange’s custom blockchain.
Bithumb Coin is set out to work as a medium of exchange for the ecosystem as it’s being launched under the “BT” ticker, reports from blockchainafrica.io in a statement on Tuesday. By the first quarter of the year 2020, Bithumb Chain itself is expected to roll out.
Similar to Binance Chain’s Binance Coin (BNB) , half of the exchange’s revenue will be used to burn 50 percent of BT’s token supply over time resulting in a final 150 million token supply. At the angle of mechanics side, the exchange will mint a hard cap of 300 million Bithumb Coins.
For the Initial token distribution , it will be split between on-exchange incentives and chain development.
According to Bithumb, the exchange will make use of the coin for handling rights to use Bithumb Chain, fees and also future payment mechanisms.
The exchange will fall on Bithumb Chain as a backbone as the announced earlier this month about “Exchange as a Service” feature which is on their move to develop decentralized finance applications or decentralized exchange (DEX) protocols.
The tokens can be used to vote in chain governance, such as investment decisions, for Bithumb Chain, they stated.
Aside Bithumb Korea, one of South Korea’s largest exchanges, Bithumb Global operates out of Singapore with an average daily trade volume as reported by CoinMarketCap to be nearly $700 million.
Credits: . William FoxleyJOIN OUR COMMUNITY