Bithumb Global, one of the largest crypto exchanges operating out of Singapore recently announced its much anticipated native token called Bithumb Coin to be used on their custom blockchain called Bithumb Chain. The new token would act as a utility in the Bithumb ecosystem and can be used as a medium of exchange on the upcoming Bithumb Chain slated to launch in 2020.
The newly introduced native token will have a hard cap of 300 million and the platform promised to burn half of these using the exchange's revenue. The initial token distribution is planned as 30% for on-platform user incentives, 30% for trading incentives based on a point system which will be revealed later, 25% of the token will be distributed towards the development of the network. The announcement read,
“Bithumb Coin (BT) enables transactions within Bithumb Chain and provides the necessary mechanism for facilitating true incentives and value within the protocol. The first principle of the Bithumb Coin (BT) mechanism design is to facilitate the flow of value of the Bithumb Family ecosystem, thereby promoting sustainable development.”
Bithumb promised that the token can be used for a number of utilities and services on the platform including using it for trading few as well as a transaction fee, users can also lease these utility tokens to earn leasing rewards. The new token will also help holders to participate in the on-chain governance process.
Only last month the platform also launched Exchange as a service that can be utilized by entrepreneurs and developers to create decentralized financial tools and services.