Singapore-based cryptocurrency exchange Phemex is celebrating its 2nd anniversary this November. It’s been an eventful couple of years for the derivatives platform, and with its Choose Your Reality event, this anniversary is going to be a memorable one.
Phemex’s dedication to its users has created a thriving community, and to celebrate their impressive growth the exchange is inviting participants to wish them a happy birthday by talking about their own dreams and aspirations. They’re also giving away grand prizes to those participants who come up with the most creative wishes. Thus, a few special winners will see their dreams come to life.
The firm’s dedication to its users is deep-routed. Phemex’s CEO and founder, Jack Tao, was a Wall Street veteran from Morgan Stanley. After over a decade of observing the inner workings of the traditional financial system, he realized just how underserved retail investors were compared to the more wealthy players.
Jack and his team of ex-Morgan Stanley execs launched the platform in 2019 to bring power back to the people. A platform that didn’t play favorites because it didn’t discriminate. From around three contract pairs, the exchange has grown into one of the world’s most popular derivatives exchanges. It’s now host to over 40 spot pairs, 39 contract pairs, and consistently ranks among the top 10 derivatives exchanges by volume.
Committed to Community
Phemex takes a healthy approach to community feedback, and encourages its users to speak up about issues they face on the platform. The exchange believes a happy community is one that’s constantly engaged with the platform, and over the last two years, they’ve conducted a number of events and competitions to keep the community engaged.
After its launch in 2019, Phemex’s brand blew up all over social media after it launched a viral puzzle attached to a 2.1 BTC giveaway to anyone who could find the private key hidden within the image. The goal was to help spread awareness about private-key self custody, which they successfully did.
Last year in May, Phemex’s premium members were introduced to “The Era of Zero,” which announced that all fees would be negated for spot trades on the exchange. Phemex also launched its Earn Crypto platform near the start of this year, enabling its community to earn up to 8.5% APY on deposits limited to no less than 1.5 million USDT.
Community engagement isn’t just about giveaways and implementing feature requests — it’s about fostering a sense of belonging, and Phemex did so masterfully this year. Over a thousand traders participated in the launch of Phemex’s first ever NFT, minted and sold for 44 ETH on OpenSea. The piece of art contains the ETH addresses of all the collaborative event’s participants, with the proceeds from the sale being split between them equally.
Businesses across the globe are adopting blockchain technology to improve their capital efficiency, but mainstream adoption is still a few years away. Current generation applications are still a chore to use, but as the industry continues to propagate and promote education surrounding the technology, adoption should only be a matter of time. To incentivize users to learn more about digital assets and the technology behind them, Phemex launched its Learn and Earn program, offering rewards like trading bonuses and cryptocurrencies in return for completing educational courses.
The exchange even developed its own academy portal, with over 400 in-depth articles on various blockchain and cryptocurrency related topics.
A Portal to the Future
2021 may have been the year the entire world started talking about the metaverse, but the concept has existed for decades. The metaverse is where social media technology is headed, and as the lines between physical and digital continue to blur, Phemex believes the power of digital ownership will become increasingly important.
Phemex’s stance on this vision of the future is strong, and their goal is to help transition towards the future of society — a world where people can redefine themselves and achieve anything imaginable. At the World Blockchain Summit recently conducted in Dubai, Jack Tao spoke about the nuances of the metaverse narratives, and how NFTs could help shape the future of socio-digital economies.
At the event, which was attended by over 1500 renowned experts from across the globe, he said, “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 also added that while no one knows exactly what the metaverse will look like, that’s kind of the point. “The metaverse won’t be constructed by a handful of centralized conglomerates — it’ll be assembled by billions of people.”
As NFTs continue to pleasantly surprise the blockchain community in different ways, whether through its direct utility or by platforms using them in unique ways, the idea of digital ownership is slowly making its way into the minds of the public. With the rapid growth of niche industries like GameFi, we’re only seeing the tip of the iceberg when it comes to NFTs.
Last year, Phemex launched their own GameFi product to celebrate their first anniversary, enabling its users to win rewards for playing games on the platform. The Singapore-based exchange has always been open to experimenting even with very early technology, giving its users a taste of the future, and hope for what’s to come.
This November, Phemex’s 2nd birthday celebrates its dedication to quality, ethos of distributed control, and commitment to its community, encouraging them to break through noise of traditional finance, and break free into the new world of digital ownership.
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