Bibox partnering up with CoinPark!

Bibox has just partnered up with CoinPark, a new exchange proud to say that trading is mining. What is CoinPark all about? What has it got to do with Bibox?

trading in mining at CoinPark
The CoinPark website

First of all, you can visit the CoinPark website right here. You will at once see that it is almost similar to the Bibox exchange, and to make their strategic partnership even clearer, you can use your Bibox login credentials to sign up for CoinPark.

If you visit the website to sign up, you can either sign up from scratch, or login using your Bibox credentials. Take a look at the screenshot beneath to see how it is done.

sign up for coinpark

If you haven’t got a Bibox user, sign up like normal people would. But, if you already have a Bibox user, then you can use your Bibox credentials and 2FA to sign in to CoinPark. Once this is done, you are mostly setup and ready to use the platform.

What is CoinPark all about? What makes it special?

CoinPark seems to be a traditional exchange, but the major difference is that the traders/users are also called miners. You will in other words mine as you trade, and for your mining you will earn CP tokens (CoinPark tokens). All the transaction fees created because of your trading will be converted to CP tokens, and returned to you on the following day. The 100% return will only be valid in the first two weeks, and after two weeks of trading, the return will be decreased to 90%. The exchange will have a trading fee of 0,1%, both for takers and makers.

The CP token is an ERC20 token (that means, it runs on the Ethereum blockchain). There is a total of 10 billion tokens, which have been divided into the following categories:

  1. Community Awards (Mining)—60%
  2. CP Fund 22%
  3. Team 12%
  4. Private placement 6%

The 60% will be gradually handed out to traders/miners as they do their trading on the platform.

It should be mentioned that the CEO of Binance, Zhao Changpeng, accused another Chinese exchange named FCoin running after the same model of actually behaving like an ICO. He wrote the following on Twitter:

“You pay transaction fees to the platform with BTC and ETH. Then the platform pays ‘100%’ back to you with its token. Isn’t it just buying platform token with BTC and ETH? How is this different from an ICO?”

Zhao Changpeng wrote one more Tweet later about FCoin, in which he wrote the following:

“If an exchange doesn’t get revenue from transaction fees and solely profits from the price of its token. How would it survive without manipulating the token price? Are you sure you want to play against a price manipulator? The same price manipulator who controls the trading platform?”

These comments were made related to FCoin, but they could just as well be valid for CoinPark.

What tokens can be deposited to CoinPark?

Deposits to the platform were opened on June 21st, and the following tokens can be deposited to CoinPark.

  • BIX
  • BTC
  • ETH
  • USDT
  • ETC
  • BCH

When will CoinPark open their exchange for trading?

At the moment you can deposit tokens, but you cannot trade. Trading is supposed to get started within a couple of days, but no official date has been given.

Why should I use CoinPark? Why is this in the interest of Bibox?

These are some questions I haven’t totally understood yet. I do get the point that I will earn money trading, that is, I will earn my trading fees back through mining. That is a plus! But, if you only do small trading, these fees are so small, it will almost be like nothing.

Will CoinPark be a decentralized exchange? That could be useful in an exchange world that seems to move more and more towards decentralized exchanges. But, based on what I have seen so far, it doesn’t look like CoinPark will be decentralized at all.

So, why use CoinPark? Why is CoinPark good for Bibox? 

The design of CoinPark is similar to the design of Bibox, making it easy to use. Since you can use your Bibox credentials it is easy to get started. The fact that you “earn” by trading is also a positive thing. But, wouldn’t it be better for Bibox just to work on their own platform? Maybe, but they are for sure heavily invested in the project, and thus they will earn a great deal as people start using the CoinPark exchange.

Bibox is not the owners of CoinPark, but CoinPark is considered a strategic partner of Bibox.

I am not sure, but I have registered for the CoinPark exchange, and I look very much forward to see what it has to offer! What do you think about CoinPark?

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