What Is Bithumb?
Bithumb is a popular exchange platform that aims to provide a more convenient and trustworthy way for users to access the world of digital finance.
The platform was founded in 2014 by Javier Sim, a graduate of quantitative finance from the City University of Hong Kong, who currently occupies the role of managing director at the platform. The CEO of the exchange is Back Young Heo, an experienced individual with 14 years of experience in the traditional finance space, who had previously held roles at Citibank, CitiCapital and ING Bank, among others.
Since it was launched, Bithumb has consistently grown in popularity among traders and is now one of South Korea's largest cryptocurrency exchanges. The exchange has its headquarters in Seoul, in the Republic of Korea, but offers its services to users in well over 100 countries.
Overall, the exchange now boasts more than 8 million traders, and 1 million app users, making it one of the most successful cryptocurrency exchanges in current operation. It also offers one of the most expansive selections of altcoins available anywhere, with well over 100 assets currently supported.
What Does Bithumb Specialize In?
Unlike many cryptocurrency exchanges, Bithumb specializes in fiat trading pairs — or more specifically, Korean won (KRW) pairs.
Every cryptocurrency listed on the platform is paired against the KRW, and is currently the most liquid exchange for the vast majority of KRW trading pairs. As of November 2020, there were exactly 122 trading pairs available, and new assets are listed on a regular basis and announced via Bithumb’s social media channels.
The platform offers excellent liquidity for the great majority of its trading pairs, and is the most liquid exchange for several altcoins in general. The exchange offers a variety of order types including limit, market, and stop-limit orders, and also features its own lending platform, which allows users to borrow assets using their KRW or crypto assets as collateral.
The Bithumb Coin
Like many popular cryptocurrency exchanges, Bithumb has its own native utility token, known as the Bithumb Coin.
This was announced in 2019, but is yet to be released. This will be the native gas token of the upcoming Bithumb Chain blockchain, and will be used for voting on governance proposals.
In 2020, Bithumb Global (Bithumb’s global sister exchange) launched a variety of smart tokens: ETHS, XRPS, LTCS, BCHS, BSVS, COMPS and BTCS. These are a type of ETF token that can be used to easily short a range of cryptocurrencies, including Ethereum (ETH), Bitcoin (BTC) and XRP.
Beyond this, Bithumb has its own on-site cash point system known as Bithumb Cash, which can be used for purchasing cryptocurrencies and coupons. It can also be used for making online and offline payments at a variety of supporting merchants.
What Bonuses Is Bithumb Known For?
Bithumb currently offers a free transaction fee coupon for new members, which is provided after registering for a new account. This provides a free transaction for up to 30 million KRW within 30 days of registration.
As of November 2020, Bithumb does not offer a referral or affiliate program, and there are no promotions running to reduce fees. However, users can reduce their fees by up to 84% by purchasing coupons using KRW.