Crypto exchange Bithumb Global announced yesterday the launch of its native token, Bithumb Coin (BT), which will run on the exchange’s yet to be released Bithumb Chain.
The Bithumb Coin (BT) is meant to enable transactions on the Bithumb Chain, expected to launch in Q1 2020, and is designed to facilitate the flow of value of the Bithumb Family ecosystem, “promoting the sustainable development of all on-chain products, platforms, and services.”
According to Bithumb’s website, the Bithumb coin is the “representation of ecosystem, the carrier of values and the medium for value exchange.” Users of the coin will be able to use the Bithumb Chain, access the system’s resources, and vote in the chain governance, including investment decisions and voting on projects nominated for listing, among other things. More in detail, BT holders will be able to use the coin on the Bithumb Chain to handle fees; they’ll have usage rights of the Bithumb chain system, discounted transaction fees on the Bithumb Global platform, and voting and participation rights in the chain’s governance.
Half of the platform’s revenue will be used to buy back 150M coins out of the 300M BT minted indefinitely. According to a press release, 30% of the token distribution will be designated to the user incentive pool, and 30% will be assigned to point system-type trading incentives.