[THE INVESTOR] Korea’s major cryptocurrency exchange Bithumb is planning to launch its own virtual currency called “Bithumb coin,” according to industry sources on April 19.
The announcement came from Bithumb’s Singapore unit, which said it is planning two types of coins. “It’s true that a subsidiary in Singapore is considering the launch,” Lee Sung-mi, a Bithumb spokesperson told The Investor. “But we don’t have any other details, either about the new currency or the presale.”
She added that social media posts saying that the firm will receive funding from Korean investors are not true. Korea currently doesn’t allow allow initial coin offerings -- it was a part of government policies to regulate the cryptocurrency market -- so Korean investors won’t be able to access the new coins in advance.
Bithumb reportedly will receive funds mainly from foreign corporate investors ahead of the ICO.
Industry sources expect the price of the new coin to surge more than 10 times once it is launched, based on past experience with other digital coins.
By Song Seung-hyun (email@example.com)