Bithumb Global is launching its native token, Bithumb Coin (BT) for its blockchain network.
According to the announcement, the Bithumb Global cryptocurrency exchange said the native coin, Bithumb Coin (BT) usefulness reaches handling fees. As well as, the rights to use Bithumb Chain and for future payment mechanisms.
Besides, Bithumb says its tokens can be used to vote in chain governance such as investment decisions, for Bithumb Chain. This means that the Chain’s eco-participants not only partake in the formulation and direction of network development. But also in the investment decisions of Bithumb Chain.
The native coin will be officially launched in the first quarter of 2020.
Quoting the exchange: “Bithumb Coin (BT) enables transactions within Bithumb Chain. It also provides the necessary mechanism for facilitating true incentives and value within the protocol.”
Taking a mechanics perspective, the exchange mints a hard cap of 300 million Bithumb Coins. Besides, half of the exchange’s revenue goes into burning half of BT’s token supply over time. Interestingly, it’s similar to Binance Chain’s Binance Coin (BNB). This leads to a final token supply of about 150 million tokens. Besides, the initial token distribution goes to both on-exchange incentives and chain development.
About Bithumb Global
Bithumb Global forms a part of Bithumb Korea, one of South Korea’s largest cryptocurrency exchanges. Also, Bithumb Global’s located in Singapore and commands an average daily trade volume of about $700 million. Besides, about 100 trading pairs exist on the exchange.
Note, the proposed blockchain network, Bithumb Chain, a decentralized open-source protocol that powers the products. As well as, services, and infrastructure within the Bithumb Family ecosystem. It also helps capture value from both upstream and downstream of the trading business.
Presently, Bithumb Global ranks 34th by trading volumes on the Coinmarketcap list.
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