Popular Bithumb prepares to unveil its cryptocurrency (BT)
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Answer Popular Bithumb prepares to unveil its cryptocurrency (BT)
South Korea-based Bithumb is one of the major trading platforms in the cryptocurrency market.
It handles 15% of the global bitcoin trading volume, according to to source.
According to announce A recent release bears the news of the platform’s release of its own cryptocurrency, which will be called “Bithumb Coin” and abbreviated as “BT”.
The new token that the platform will issue will enhance Bithumb-based transactions with the addition of incentives and value addition to the platform’s blockchain protocol.
The Bithumb blockchain is currently being developed for the information technology, security, crypto, and financial sectors and currently offers a cryptocurrency exchange service.
The new coin will total 300 million BT tokens, with 30% of it going as incentives for users.
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While another 30% will be allocated to trade incentives with a points system that will be revealed at a later time.
As for the remaining 40%, its fate is not clearly defined in the announcement.
But the platform states that 25% of the BT token distribution is based on blockchain development and sustainable growth.
Bithumb plans to use 50% of its revenue for buybacks to keep 150 million tokens, a strategy similar to that used on other exchanges like Binance does.
In addition to the previous features, users will be able to pay fees on Bithumb Global using BT and rent their tokens to earn rewards.
BT coin holders will also be able to participate in governance decisions, participate in the listing of a certain number of tokens and participate in the nominations.
The news comes nearly a year after Bithumb sold a 38% ownership stake to a Singapore-based blockchain consortium for 400 billion won ($350 million).
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This sale came on the heels of the hacking event witnessed by the platform from theft of cryptocurrency worth 30 million dollars which we mentioned in the thread:
Learn about the losses of the Korean Bithumb hack
Read also:
Bithumb successfully raised $200 million in a new investment round
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