Phemex
Phemex wasn’t made because crypto exchanges didn’t exist -- it was founded because none of them were good enough. Phemex

Birthday celebrations are special, because they are a reason to celebrate everything that’s been accomplished over the year, as well as the challenges to overcome. This November, the Singapore-based exchange Phemex is celebrating its 2nd anniversary, and with how far they’ve come over the last two years, it makes sense they’re celebrating in style.

Since its inception in 2019, Phemex has maintained its support for users by consistently listening to feedback and conducting engaging events that give back to the community. To celebrate two years of service, Phemex is hosting its ‘Choose Your Reality’ event this month where participants can share their dreams and aspirations. To give back to the community, Phemex will make some lucky participants’ wishes come true.

Through this event, the platform is encouraging users to talk about their aspirations, and plans to make a few special winners’ dreams come to life. Phemex’s dedication to its users isn’t just some marketing gimmick either -- the company was founded by Jack Tao in 2019 because of his growing frustration with the issues on Wall Street.

After spending a decade with Morgan Stanley, Tao became acutely aware of how financial institutions were ripping off retail investors, and with the widespread introduction of blockchain technology, he knew he could do something about it. Today, cryptocurrency exchanges are everywhere, but not all of them want what’s best for their users. Phemex wasn’t made because crypto exchanges didn’t exist -- it was founded because none of them were good enough.

From a mere three contract pairs, Phemex has expanded its platform to support over 40 spot pairs, 39 contract pairs, and 1.5 million users. It certainly deserves the attention it’s getting. With its accurate and fast core trading engine and a foundation of treating its users right, Phemex has a record daily trading volume of more than $12.5 billion, and is on the path to becoming one of the most respected platforms in the industry.

Phemex: Two Years of Dedication

Time flies when you’re having a good time, and with the sheer number and variety of events Phemex has conducted over the past two years, the time has certainly flown. Phemex established its presence with a splash in 2019 through a 2.1 BTC puzzle giveaway. Whoever could solve the puzzle would win the prize, and with the event going viral on social media, the platform’s outreach was instantly multiplied.

For its premium members, Phemex introduced zero-fee spot trading in May 2020 through “The Era of Zero.” It kicked off its Earn Crypto program earlier this year, allowing traders to earn up to 10% APY on USDT deposits worth up to $1.5 million. While this all says a lot about Phemex’s ambition, nothing says community love more than a collaborative event.

This year, for the first time ever, Phemex launched and auctioned off its own NFT -- a piece of art that contained the Ether deposit addresses of over a thousand users on the platform. The NFT was eventually sold for 44 ETH on OpenSea, which equates to $100,000 at the time, and the proceeds were split between the participants.

With how rapidly blockchain is advancing, the world of finance itself is starting to evolve. However, education surrounding the technology is still scarce, and to combat this problem Phemex launched its Learn and Earn platform to incentivize users to better understand the underlying technology behind cryptocurrencies through its comprehensive courses that even offered crypto rewards and trading bonuses for completion. Phemex has even created its own Academy portal with over 400 in-depth, informative articles about various topics on blockchain and cryptocurrencies.

Over the last two years, Phemex has upheld its image of an exchange that looks out for its users, finding ways for both the platform and its community to thrive. In an age where corporations siphon funds from unsuspecting customers through shady tactics, it’s no wonder the exchange has garnered such a devout following, with a reported all-time high 24-hour trading volume of more than $12.5 billion.

Break Through, Break Free

Facebook’s recent foray into the metaverse narrative may have brought the concept into the spotlight, but the metaverse concept has existed for decades now. Originally depicted in Neal Stephenson's 1992 science fiction novel Snow Crash, the metaverse is the next step for social media technology, and Phemex believes in this vision of the future.

According to Phemex, the metaverse blurs the line between physical and digital interactions, creating a world where anyone can redefine their lives and achieve anything they want. At the recent World Blockchain Summit in Dubai, where over 1500 experts from the blockchain industry were present, Phemex’s CEO Jack Tao spoke about the metaverse narrative, and how blockchain-based products like NFTs were pushing the boundaries of what’s possible for the future.

“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.”

As NFTs continue to attract mainstream attention, the concept of digital ownership transfer is slowly solidifying itself. Subgenres of decentralized finance like GameFi are recalibrating the limits of DLT, producing multiple successful P2E platforms in the last couple of years alone. Phemex is no stranger to adopting emerging technologies, and the exchange itself launched its own GameFi product to celebrate its first anniversary last year.

With the metaverse concept closing in on us, Phemex wants to aid society’s transition to the digital world. As its second anniversary approaches, Phemex is celebrating its ethos of distributed control by giving power back to the people and helping them break through established systems, and break free into an era of digital freedom.