South Korea’s renowned exchange house, the Bithumb cryptocurrencies exchange, is planning to launch an ICO and to issue its own crypto coin.
According to local reports, Bithumb initial currency offer, or ICO, would take place in Singapore in view of the fact that this fund-raising scheme for blockchain projects is banned in South Korea. So far, Bithumb has not confirmed the information, but it is given as true by TokenPost, which means that meetings have been held with investors and institutions.
“We know that the BitHumb crypto coin is routed through a local subsidiary acquired, at its turn, by a subsidiary of Bithumb. Details such as the date of issue and the amounts of cryptocurrencies have not yet been confirmed,” a spokesman for the exchange office was quoted as saying.
Bithumb follows the strategies already implemented by Huobi and Binance
Thus, Bithumb follows in the footsteps of the Huobi exchange house, which recently announced its plans to issue 500 million tokens based on blockchain technology, though not through an ICO, but would only be allowed to obtain it from those already registered in the exchange, this perhaps because of China’s strong cryptocurrencies regulations in that regard.
Another example is the Binance exchange house, which already has its own cryptocurrency, the Binance Coin (BNB), which allows its users to trade with other cryptocurrencies at low operating costs, in addition to the exchange house burning some chips to increase their shortage and encourage the increase in their value.
South Korea banned the ICOs during the past year, due to some cases scams and investment frauds that were hidden under this fund-raising scheme, something that certainly does not please the authorities. This has led some businessmen and academics to pronounce themselves in favor of fewer prohibitions and more support for blockchain.
However, Bithumb, the renowned South Korean cryptocurrencies exchange, will launch its own crypto coin and will hold an ICO in Singapore, to evade the cryptocurrencies regulations from South Korea.
Jackson Bey was born and raised in Lethbridge Alberta but moved east when he was 22. Apart from running his own consulting firm. Jackson spends his time canoeing the many lakes of Ontario. As a financial journalist Jackson has published stories for CBC Business Online, as well as Buzz Feed and Motherboard. As a contributor to Billionaire 365, Jackson mostly covers markets and trade.