Bithumb Global, the international arm of the South Korean crypto giant, has announced the launch of its native digital currency. Bithumb Global announces the release of their native token titled “Bithumb Coin” which will hold the ticker name, $BT.
“Bithumb Chain is the decentralized open-source protocol that powers the products, services, and infrastructure within the Bithumb Family ecosystem which helps capture value from both upstream and downstream of the trading business.” - the exchange explained.
The token allows transactions within Bithumb Chain which enables a plethora of different use-cases. Bithumb Coin (BT) enables transactions within Bithumb Chain and provides the necessary mechanism for facilitating true incentives and value within the protocol.
The exchange will mint the token with a hard cap of 300 million. Moreover, it also detailed that half of the revenue generated by the exchange will be used to burn 50% of the tokens over time and finally, only 150 million BT will be in circulation.
Bithumb Korea is one of the largest bitcoin exchanges in the world. Its daily trading volume accounts for 75.7% of the bitcoin market in South Korea, accounting for 15% of the global bitcoin market. With Bithumb quickly being the most user-friendly digital asset ecosystem with a rock-solid cybersecurity system and massive liquidity, BT has a bright future ahead for their 8 million Bithumb Family users already participating within the ecosystem.