Bithumb Global has released a native token for Bithumb Chain, the custom blockchain of the exchange.
Introduced under the “BT” ticker, Bithumb Coin will function as a medium of exchange for the ecosystem, the firm said in an announcement on November 12. The Bithumb Chain itself is anticipated to release at some point in the first quarter of 2020.
From a mechanics side, a hard cap of 300 million Bithumb Coins will be minted by the exchange. Half of the exchange’s income will be utilized to burn 50 percent of BT’s token supply over time—like Binance Chain’s Binance Coin (BNB)—bringing about a final 150 million token supply. In addition, initial token distribution will be divided into chain development and on-exchange incentives.
Bithumb states the exchange will use the coin for handling fees, rights to utilize Bithumb Chain and future payment mechanisms. The exchange revealed earlier this month its “Exchange-as-a-Service” feature to create decentralized finance applications or decentralized exchange (DEX) conventions utilizing Bithumb Chain as a backbone.
Bithumb states its tokens can be utilized to vote in chain governance like investment decisions for Bithumb Chain.
A part of Bithumb Korea, one of South Korea’s biggest exchanges, Bithumb Global is based in Singapore with an average daily trade volume of about $700 million, as indicated by CoinMarketCap.