Entropia Universe is a massively multiplayer online (MMORPG) virtual universe designed by the Swedish software company MindArk, based in Gothenburg. Entropia uses a micropayment business model, in which players may buy in-game currency (PED - Project Entropia Dollars) with real money that can be redeemed back into U.S. dollars at a fixed exchange rate of 10:1. This means that virtual items acquired within Entropia Universe have a real cash value, and a participant may, at any time, initiate a withdrawal of their accumulated PED back into U.S. dollars according to the fixed exchange rate, minus transaction fees; the minimum amount for a withdrawal is 1,000 PED. The Entropia Universe is a direct continuation of Project Entropia.