The Taiwan-based Bincentive project, an innovative crypto trader service provider in Asia, developed the idea of matching their clients with trading experts. On Bincentive’s platforms, clients are matched with trading experts and can follow an experts’ actions in crypto markets. Furthermore, clients have the option of having the expert initiate the same trades simultaneously. These experts receive a pre-deposited compensation that is paid when a trader hits the target and has positive gains.
How does financial matchmaking work?
Founded in July 2018, Bincentive is aimed at creating a smart mirror trading inter-exchange ecosystem, based on artificial intelligence (AI), big data, social trading, personal hedge funds, and blockchain technology. Unlike traditional mirror trading, smart mirror trades provide intelligence to help investors automatically follow trading signals from traders, the company explains. “This innovative platform allows individual members (investment clients) to connect with financial experts, introduces profit sharing, and creates a bridge from crypto assets to all financial products,” reads the project’s whitepaper.
According to Bincentive, both clients and experts can profit from this process. The basic rules are as follows: the clients can choose the trading expert and smart contract that best matches their needs. Trading experts have the ability to choose their own remuneration terms. The experts can send signals directly to exchanges through the Bincentive platform to make contracted trades 24/7. Clients decide when to invest and when to discontinue the smart contract.
The Bincentive platform aims to provide professional financial services from traditional trading experts, quantitative traders, and AI trading engines, via Quasi Decentralized Apps (Q-DApps). “Using blockchain and smart contract technology, trading experts can safely and conveniently present their trading strategies, allowing investment customers to simply choose the trading services that best fit their needs”, the white paper notes.
The initial launch of the Bincentive service is planned for Q1 2019. Transactions are performed via smart contracts, ensuring all terms will be processed automatically without fail. Additionally, clients may change their financial expert and strategies at any time without incurring penalties.
‘Asia’s first’ crypto trader incubation program
Bincentive has also recently launched “the first crypto trader incubation program in Asia” – HatchQ. On October 20, 2018, Bincentive held HatchQ’s launch event with several notable experts in crypto trading in attendance: Andy Cheung, COO of OKEx and his team, Tiantian Kullander, Co-founder of Amber AI, Simon Chang, former Asia CIO of Jefferies, Chaoming Cho, CEO of Bincentive and experienced trading professionals Nicholas Yang, CEO of Bitbitduo and Hank Huang, founder of Coinful. Speakers shared their opinions on the biggest challenges in the crypto market, the impact of the algorithm trade, and how traders avoid pitfalls due to limited regulations.
The program has already attracted nearly 400 attendees. More than 60 applicants have signed up for the HatchQ crypto race competition. Applicants include quant providers, data scientists, and finance enthusiasts who aspire to put their trading strategies to a real market scenario. The HatchQ race will run for six weeks, and the top three strategists, selected by professional trading experts, will receive premium cash prizes and trading fund sponsorship to officially operate on the Bincentive platform as partners.
The HatchQ Crypto Racing and Incubation Program starts in Taiwan, and will follow with Hong Kong, Singapore, London, and New York. “We want to encourage excellent traders from both traditional and crypto fields to join this race and become trading partners in our ecosystem. Currently, this is our main goal”, commented Teigi Lee, Head of Business and Marketing at Bincentive, to CryptoNewspeople.
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