The South Korean cryptocurrency trading platform intends to launch a new token on the Bithumb Chain, the company reported in an official statement.
The exchange will issue 300 million Bithumb Coins, which will trader under the BT ticker. The tokens will be distributed among different groups in order to foster user participation and develop the network. The crypto trading platform plans to allocate 50% of the tokens to its buyback program, leaving 150 million tokens available.
Bithumb Coin can be used for different purposes, such as paying fees and obtaining usage rights of the Bithumb Chain. In addition, it can also be used in future payment products.
The launch of the Bithumb Chain network is scheduled for the first quarter of 2020.
Bithumb has recently announced the creation of the Exchange as a Service service, which allows the development of decentralized financial apps or decentralized exchange protocols (DEX) through the Bithumb Chain.
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