BitParadise, a Singapore-based company, is hoping to introduce the new global trading platform first in Argentina within this year. It is accepting early registrations from prospective users from Feb. 20 to March 10.
The BitParadise exchange will consist of two elements. One is trade mining — a form of rebate whereby customers are compensated with the exchange’s native token, the BET coin, every time they make a trade within the platform. It will also offer a series of decentralized casino games that reward users with the BET coin.
The idea behind this business model is to earn profit through its blockchain-based casino game services, and then return a part of the profit earned through the games back to its customers via the trade-mining system, the company said.
“BitParadise has chosen a unique 1+1 profit sharing ‘trade mining’ system that provides exchange users with profits from both trade mining and game participation,” the company said in a statement.
To ensure the price stability of the BET coin, BitParadise will buy back 40 percent of the issued coins from the market and distribute the remaining 60 percent to customers as transaction rebates, it said.
This distribution system is also expected to keep the value of the BET coin afloat, while keeping users active within the BitParadise ecosystem, it added.
As for the types of casino games that can be expected, BitParadise said it will start out with dice games and later launch additional games like BitKong, slot machines, blackjack, horseracing, mahjong, poker and baccarat.
“As our service targets users worldwide, we are picking out games with broad expandability. We are also working with legal experts in each country to ensure that the business is legally sound,” BitParadise said.
“We will continue our efforts to launch game services that can be comfortably enjoyed by users worldwide.”
The BitParadise exchange will operate on the fiat currency markets of South Korea and Argentina. In particular, the exchange hopes to leverage its presence in Argentina as a bridge to accessing additional Spanish-speaking peso markets in South America.
In the future, the exchange operator hopes to expand into other global markets, most notably China. BitParadise said it had already entered a strategic partnership with a Chinese investment company and is currently preparing a Chinese-language site for its blockchain-based casino games.
“The decentralized gaming market has explosive growth potential. And BitParadise will continue to develop related blockhain technologies on this end, and emerge as a leader of this rising segment,” the company said.
With its unique two-track operational model, BitParadise said it is expected by investors to become a global top-20 cryptocurrency exchange within the fourth quarter of 2019.
On Feb. 20, the start date for registration, BitParadise will offer a series of token distribution events including “Buying King,” “Mining King” and airdrops to participating users.
BitParadise, whose main office is based in Singapore, is an affiliate company of Bitland, a cryptocurrency-trading platform based in Korea that employs the “trade mining” model.
Bitland gives back 90 percent of the trading transaction fees earned back to customers who make trades within the exchange, in the form of Ethereum or bitcoin tokens.
The exchange also operates on the so-called “locked up” distribution system whereby a user can receive the transaction reward coins only after they have held onto the tokens they own for a certain period of time, according to Bitland.