Bithumb Launches ICO for Bithumb Coin in Singapore

Bithumb’s Bold Move into ICOs

In a groundbreaking turn of events, Bithumb, the heavyweight champion of cryptocurrency exchanges in South Korea, is gearing up to launch its own digital currency, aptly named Bithumb Coin. Given the banning of Initial Coin Offerings (ICOs) in South Korea, they’re choosing Singapore as their crypto playground. It’s like going to another country for a fun night out after a strict curfew at home!

Targeting Whale Investors

Unlike your typical ICOs that play the field with everyday investors, this token sale is reportedly set on wooing the big fish. Bithumb appears to be eyeing large-scale investors, perhaps hoping to reel in some heavy-hitters that would make any fishing contest jealous. Details about the coin launch date and projected size remain as closely guarded as a magician’s secrets, adding an element of suspense to this financial act.

Following in the Footsteps of Huobi

Bithumb isn’t the first exchange to take a virtual step in this direction; it’s joining the ranks of other exchanges like Huobi, which made waves earlier this year with its Huobi Token (HT) announcement. However, Huobi kept the party exclusive, limiting token distribution to active users, which is like inviting only your closest friends to your birthday bash while leaving acquaintances in the dark.

The ICO Roller Coaster in South Korea

The South Korean government has had a bit of a tumultuous relationship with ICOs since it implemented a ban in late 2017 to curb financial scams. But wait! There’s more! Recent reports indicate that local financial authorities might be swinging back into the ICO approval game by introducing more robust Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations. It’s like they’re trying to put the safety rails back on the roller coaster so everyone can enjoy the ride!

International Expansion for South Korean Exchanges

Bithumb’s not the only South Korean exchange thinking globally. Coinone, another notable player in the crypto ring, is making moves to set up shop in Indonesia. It’s a clear sign that South Korean exchanges are determined to stretch their wings and explore potential markets despite home turf limitations.