People usually look forward to birthdays because of all the presents they receive, but in celebration of its second anniversary, Phemex is changing the game. Singapore’s premier digital asset derivatives exchange is calling out to all its users, and in celebration of two years of progress, is giving out grand prizes to those who whip up the most unique and imaginative birthday wishes. Join Phemex’s Choose Your Reality event to share your personal dreams and aspirations. A few special winners will have their wishes granted.
After a decade on Wall Street, Jack Tao had seen enough. He founded Phemex in 2019 after years of observing the injustices within traditional finance and its associated services. Blockchain is still in its infancy, but the technology posits some clever solutions to the world’s financial problems. For Jack, founding Phemex was about harnessing those solutions.
Having started with just three contract pairs, in just a couple of years Phemex’s ecosystem has exploded to host 39 contract pairs, 40 spot pairs, and nearly 2 million users. The platform reports an average daily trading volume of assets worth more than $10 billion, and with its blazing fast trading engine, mature security systems, and commitment to integrity, Phemex is ushering in a new era of digital asset trading.
Phemex: A Two-Year-Old Family
Over the last two years, unexpected challenges have struck nearly all corners of the global economy. Between surging prices and a shift in consumer demand, even some of the most established businesses have tumbled into ruin. However, blockchain and crypto have arguably never seen better times, and Phemex is a perfect example.
Soon after the platform’s 2019 launch, Phemex hosted a giveaway using an image puzzle, awarding the first person to find the private key hidden within it access to a wallet with a colossal 2.1 BTC. The viral puzzle soon spread all over social media, expanding Phemex’s outreach and brand identity right from the get go. In May 2020, “The Era of Zero” was introduced to Phemex’s premium members, where all spot trading fees were slashed on the platform.
Phemex is pegged as an exchange that takes a very compassionate approach to both improving its platform and retaining its users. Amid medical supply crises in Wuhan in early 2020, the exchange facilitated the acquisition and delivery of masks to the epicenter of the COVID-19 outbreak from Japan, aided by volunteers from the Wuhan People’s Hospital.
Earlier this year, Phemex also launched its Earn Crypto program, which allows users on the platform to earn 8.5% interest on USDT deposits worth up to $1.5 million. Additionally, Phemex produced and sold its first ever NFT in a collaborative community event this year. The artwork was auctioned on OpenSea for a spectacular 44 ETH, containing the Ether deposit addresses of more than a thousand traders on the Phemex platform.
Advancement in the blockchain technology field is rapid, constantly pushing the boundaries of what financial services can offer. However, these kinds of technologies, which have the power to affect societal change on a fundamental level, don’t reach mass adoption overnight. It took decades for people to start realizing the value of the Internet, and despite its revolutionary applications, only a fraction of the world’s population has unfettered access to it.
The impact of technological education on adoption is far from lost on Phemex, and in an attempt to help fast-track crypto adoption, the exchange established its Learn and Earn platform this year, incentivizing users to obtain a more in-depth mastery of the technology underlying digital assets. They even built an Academy portal containing over 400 articles on both technical and non-technical topics on cryptocurrencies.
By 2019, crypto’s potential had already caused heated discourse within financial circles, and robust digital asset exchanges had started coming into their own. However, Phemex saw that applying a traditional approach to this new world wouldn’t result in sustainable growth. Hundreds of quality exchanges were already in full swing by the time Phemex had launched, but Phemex wasn’t competing to become the top dog, it was competing to shift the narrative. The platform was launched with the goal of becoming the most reliable digital asset exchange on earth, and with its stellar track record over the last two years, it has certainly lived up to that ambition.
Traversing the Metaverse
Facebook’s recent announcements may have popularized the idea, but the metaverse concept has existed for decades. It’s a vision for the future of social media technology, and with how blockchain is reconstructing prior beliefs around digital ownership, Phemex believes this future could soon be upon us.
Phemex CEO Jack Tao recently gave a speech at the World Blockchain Summit in Dubai, where more than 1500 experts in the blockchain field were in attendance. During his speech, Jack spoke about the metaverse narrative, and how NFTs and other Web3 products were expanding the limits of future possibility.
“NFTs are here to stay, not because some have been sold for millions of dollars, but because millions have been sold for some dollars. Digital collectables are not only the playground of crypto-whales; they are spreading in the direction of mass distribution,” he said. “No one quite knows what it will look like, but that’s sort of the point. The metaverse won’t be constructed by a handful of centralized conglomerates — it’ll be assembled by billions of people.”
The metaverse will blur the lines between physical and digital interactions, creating a whole new dimension for people to redefine themselves and accomplish their dreams. As NFT adoption continues to target the mainstream, the concept of individual ownership over digital assets is gradually becoming more accepted.
Various niche corners within the DeFi realm, such as GameFi, are compelling the industry to think beyond the current limitations of blockchain utility, with successful P2E platforms cropping up every few months, making waves with mainstream audiences over the last two years alone. Phemex tends to champion the adoption of even the most experimental technologies, having even launched its own GameFi product to celebrate their first birthday.
With the metaverse closing in on us, Phemex aspires to catalyze the world’s transition to the domain of digital spaces. With its second anniversary on the horizon, Phemex is honoring the industry-wide ethos of distributed control, giving people the power to break through the confines of the establishment, and break free into the future of digital ownership.
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