News about Bithumb’s new committee was released by South Korean news daily, Yonhap News. The committee is named “the Listing Eligibility Deliberation Committee,” it’s expected to evaluate the currencies listed on the exchange every month, the report said.
Features of the committee
The committee will consider certain factors, among which are; daily trading volume, change in base market capitalization and project support. These factors will be used to evaluate cryptocurrencies listed on the exchange. Cryptocurrencies that fall short of the committee’s benchmark will have a period of two months to improve their status. Otherwise, they will be delisted.
Based on the reports, the committee consists of lawyers and professors. This ensures there are legal, technical and fintech experts reviewing the exchange’s listing process.
The exchange said:
“We will strengthen the check on technology development efforts and utility of cryptocurrency projects. We will take the lead in protecting investors by creating a transparent and safe trading environment.”
The reason behind setting up the committee
The idea of setting up the committee rose after some coins that were placed in the trading list suffered a decline in their performance. This created the need for a review process before new coins will be added to the market.
Some weeks ago, Singapore-based crypto exchange formerly Bitholic announced it has changed its name to Bithumb Singapore. The exchange’s website contains a statement on the name change. It says:
“BITHOLIC is planning to provide its service under the name of Bithumb Singapore. This is through the brand licensing agreement with Bithumb (South Korea’s largest crypto exchange).”
Earlier in May, the exchange announced the release of its global exchange service. The service will provide multiple fiat currency trading pairs to both investors and traders in the crypto space. It will also provide perpetual futures trading with up to 100x leverage.