Crypto Exchange Bithumb To Launch Its Own Token In Singapore
To help stamp their presence in the crypto-market top crypto exchanges develop their own crypto coins. Since they already have a platform, it helps them market the coins.
According to the report, the sale of Bithumb tokens takes place in Singapore since the ICOs are banned in South Korea. Bithumb focuses on large-scale investors instead of individual investors. Bithumb did not confirm when the coin will be released, or the size of the company, according to TokenPost.
A source familiar with the situation stated:
“We know that the Bithumb coin is underway at a local subsidiary acquired by Bithumb’s subsidiary,” said a person associated with Bithumb (loosely translated). “Details such as the specific schedule and issue size have not been confirmed.”
Bithumb is only the latest of a growing number of cryptocurrency exchanges that have made the decision to create their own tokens. Exchanges are increasingly using native tokens as a way to incentivize users to use and continuously support business.
Bithumb notably was the victim of a major security breach last year, which saw cybercriminals make off with billions in users’ won.
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