One of the largest exchanges of South Korea, Bithumb plans to release its own token called Bithumb Coin. This is reported by the Cointelegraph.
According to his information, the token will be distributed through the ICO, which will be held in Singapore. Bithumb can not conduct a crowdsfunding campaign in Korea, because legislators banned such activities there last year.
We know that the Bithumb coin is underway at a local subsidiary acquired by Bithumb’s subsidiary. Details such as the specific schedule and issue size have not been confirmed.
Bithumb is not the first exchange that decided to launch its own token. In early 2018, the Huobi exchange announced the release of Huobi Token. Before it on a similar path decided to choose Binance and Kucoin.
As the experience of some projects, which Bithumb has now decided to join, the ban on ICO in South Korea did not give the desired results. Startups simply conduct their ICO in foreign jurisdictions, which is not a violation of the law. Previously, ICO conducted a Korean start-up ICON (ICX), officially distributed its tokens through Switzerland.