Bithumb, a cryptocurrency exchange based in South Korea has announced that they would be supporting the BitTorrent redenomination plan and provided their users with token swap activity schedules that would happen today on their digital asset platform.
Asides from the token swap schedules, Bithumb is also releasing information about suspending any BTT deposits and withdrawals on their platform in order to prepare for the new BTT token swap once they have completed taking balance snapshots of BTT users.
— BitTorrent Inc. (@BitTorrent) December 29, 2021
The existing BTT balance would be deducted and replaced with the balance of the newly swapped BTT based on the token swap ratio of 1:1,000 (Existing BTT: New BTT).
Resumption of BTT transactions such as deposits and withdrawals would be announced by Bithumb once they have completed the BTT token swap to all of their users and assured everyone that trading would resume once the services are stable and secure.
What is Bithumb?
Bithumb is a South Korean cryptocurrency exchange that was founded in 2013 and it is managed by a company called BTC Korea.Com Co. Ltd. Bithumb is one of the biggest and top cryptocurrency exchanges in the world.
The exchange mostly caters to users in South Korea and allows users to buy, sell and trade a range of cryptocurrencies that is paired with the South Korean Won (KRW).
Bithumb has over 150 listed cryptocurrencies and 200 plus trading pairs. In addition to that, the exchange is very well known for having one of the lowest trading fees according to international standards and access to large liquidity pools.
In terms of security, Bithumb uses ISMS (information security management system) for its customer security solutions and an option for OTP verification of trades for added security.
Overall, it is a simple cryptocurrency exchange that is easy-to-use especially for amateur traders in South Korea, and with their competitive fees and wide selection of cryptocurrencies, they have been one of the most trusted crypto exchanges in Korea alongside Upbit, Coinone, and Korbit.
What is BitTorrent?
BitTorrent is based in San Francisco and was founded on September 22, 2004, by Bram Cohen and Ashwin Navin. It is the largest decentralized P2P communications protocol for distributing data and large files over the Internet.
— BitTorrent Inc. (@BitTorrent) December 12, 2021
In 2018, BitTorrent was acquired by TRON Foundation and continued to provide support for their BitTorrent and uTorrent clients.
With now Bithumb showing support to the BitTorrent redomnination plan, let us know in the comments section below, who do you think would be the next cryptocurrency exchange to support it.
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