The trend was set by Binance when this exchange successfully launched its own coin with selected trading pairs.
Soon it was clear that this was a model to follow, Binance released several BNB trade pairs and made incentives for traders to use the BNB coin like deductions on fees and contest prizes.
KuCoin followed the trend and now Bithumb announced it would also release its own coin.
Bithumb is fifth largest cryptocurrency exchange by volume in the world and the largest in South Korea, but due to recent a recent ban on ICO’s in South Korea the exchange is probably launching it’s ICO in Singapore, as recently ICON (ICX) did.
Bithumb is reportedly targeting large-scale investors such as institutional investors for its token sales, rather than individual investors.
“We know that the Bithumb coin is underway at a local subsidiary acquired by Bithumb’s subsidiary,” said a person associated with Bithumb (loosely translated). “Details such as the specific schedule and issue size have not been confirmed.”
No details are known about when the ICO will begin or the number of coins to be released.
Chinese cryptocurrency exchange Huobi also announced it’s intentions to release it’s own token, the Huobi Token (HT) will be an ERC-20 on the Ethereum blockchain.