Bithumb Global has officially announced the launch of Bithumb Coin, the token that will be the fuel of the Bithumb Chain. The initial supply will be of 300 million units but, through a burn program, the exchange aims to destroy 50 percent of the total supply. The news was published by Financemagnates on November 12.
Native Token for Bithumb Chain
The token will be launched under the “BT” ticker and will work as a medium of exchange for the Bithumb Chain ecosystem which will probably be launched during Q1 2020.
As already discussed by BTCManager, the Bithumb Chain is part of the Bithumb Family, a digital platform that aims to connect individuals, institutions, and companies both in the blockchain and classic financial sectors.
The Bithumb Coin will serve this purpose. Built with a model similar to that of competitor Binance Coin, BT will be used to carry out transactions within the Bithumb Chain and create a system of incentives that will drive the Bithumb Family.
The initial supply will be 300 million units. However, the exchange aims to use its revenue to buy back some of its tokens and burn them. The goal is to reduce the offer by 50 percent, thus bringing the number of units available to 150 million.
The token holders will also be involved in the Bithumb Chain governance model. This includes both the formulation and direction of network development and also the investment decisions of the Bithumb Chain. The Korean giant specifies that the token distribution will be based on the user incentive pool for a total of 30 percent while another 30 percent will be allocated for trading incentives.
Bithumb is Pushing its Offering
Bithumb Global is continuously pushing to expand its offerings and is eying to make a mark on the global map. Its daily trading volume accounts for almost all the bitcoin markets in South Korea as well as 15 percent of the global bitcoin market. Moreover, the creation of the Bithumb Token could be excellent to increase the engagement of Bithumb Family users, which are already around 8 million.
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