Bithumb Global has launched a native coin for Bithumb Chain, the exchange’s custom blockchain.
Launched under the “BT” ticker, Bithumb Coin will work as a medium of exchange for the ecosystem, the company told CoinDesk in a statement Tuesday. The Bithumb Chain itself is expected to launch sometime in the first quarter of 2020.
From a mechanics side, the exchange will mint a hard cap of 300 million Bithumb Coins. Half of the exchange’s revenue will be used to burn 50 percent of BT’s token supply over time – similar to Binance Chain’s Binance Coin (BNB) – resulting in a final 150 million token supply. Initial token distribution will be split between on-exchange incentives and chain development, moreover.
Bithumb says the exchange will utilize the coin for handling fees, rights to use Bithumb Chain and future payment mechanisms. Earlier this month, the exchange announced its “Exchange-as-a-Service” feature to develop decentralized finance applications or decentralized exchange (DEX) protocols using Bithumb Chain as a backbone.
Bithumb says its tokens can be used to vote in chain governance, such as investment decisions, for Bithumb Chain.
A part of Bithumb Korea, one of South Korea’s largest exchanges, Bithumb Global operates out of Singapore with an average daily trade volume of nearly $700 million, according to Coinmarketcap.
Bithumb image via Shutterstock