Bithumb ICO Details to Be ‘Revealed this Week’

Bithumb Exchange ICO

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Tim Alper

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Tim Alper

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Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...

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June 26, 2023 06:53 EDT

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South Korean exchange platform Bithumb will reveal the full details of its forthcoming Bithumb Coin initial coin offering (ICO) this week, according to media outlet Money Today. The move could cause a significant stir in the world of e-commerce, with at least two of South Korea’s biggest online retailers allegedly set to add the new currency to their payment options.

Bithumb is yet to officially confirm its ICO. However, the news outlet quotes an anonymous cryptocurrency industry source as saying, “[Bithumb] will release the full details of its ICO this week. [Bithumb Coin] will be able to be used as a means of payment for Bithumb partners, such as WeMakePrice and Gmarket, to widen those companies’ payment options.”

Gmarket is owned by eBay, and is one of the country’s biggest e-retailers, while WeMakePrice is one of the country’s fastest-growing online marketplaces.

Bithumb will likely launch its ICO through a newly established overseas subsidiary, and has confirmed it is currently “in the process of acquiring a tech company in Singapore.” Bithumb also says that it is “currently discussing the possibility of issuing a cryptocurrency with parties in the country.”

The company, which suffered a major hack in summer last year, has also announced that it has strengthened its security system. The company has implemented information security management system (ISMS) policies in an effort to securely manage its data. ISMS systems are used by a range of IT companies to proactively limit the impact of potential data breaches.