Bithumb to Issue Own Cryptocurrency

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It’s not unheard of for cryptocurrency exchanges to venture towards developing their own cryptocurrencies. Chinese crypto exchange Huobi issued the Huobi Token (HT) in January 2018. The largest crypto exchange by volume, Binance, has the Binance Coin (BNB). And another Chinese exchange KuCoin offers KuCoin shares (KCS).

Now, according to an insider, South Korean crypto exchange Bithumb is planning to join the list. Bithumb plans to issue its own cryptocurrency through an initial coin offering (ICO) to attract institutional investors.

However, because of the current regulatory stance South Korea that bans ICOs in the country, Bithumb cannot issue its tokens in South Korea and is instead reportedly considering other countries from which to issue their tokens.

In September 2017, South Korean regulators banned the creation and operation of domestic ICOs. Talks about a possible lifting of the ban went around in last month but nothing towards that goal has happened as of yet.

Another South Korean company, Icon, had avoided the ban by holding their ICO in Switzerland. Bithumb is reportedly going to do the same as it considers Singapore to be the center of its token launch.

 

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