Monday, May 29

Phemex Targets Metaverse and NFTs: Adds New Offerings for Trading

Exchange listings can take time, especially when you’re being careful about what projects to onboard.

Typically, exchanges tend to do proper research and due diligence before onboarding any new projects, making sure that they are safe for the users to engage with and trade. Phemex is no exception, and with its latest spree of projects, the focus is clear.

Phemex has been vocal in its support for the metaverse, and with blockchain-based non-fungible token projects at the heart of the metaverse movement today, it only makes sense they onboard projects like SAND, ALICE, ANKR, GTC, YGG, AGLD, and SLP.

The Singapore-based exchange also plans to list the Ethereum-based public decentralized identity protocol, ENS, along with decentralized encryption service and access control system NU. Additionally, the platform also listed the decentralized data monetization project OCEAN, along with MASK, a platform that allows users to send encrypted messages through Facebook and Twitter.

The ERC-20 version of the USDC token for smoother Ethereum-based transfers of the USD-pegged stablecoin is also available on Phemex. Between mid to late January, Phemex will list these 12 new tokens, bringing their total number of tokens on offer to 52 trading pairs on its spot and derivatives platforms.


Phemex’s Growth Since Launch

Much like the rest of the industry, in the past couple of years, Phemex saw considerable growth. Just last month, the exchange celebrated its 2nd anniversary, running a ‘Dream With Phemex’ campaign to make a few lucky winners’ dreams come true. Literally.

Besides conducting various trading competitions since 2019, Phemex has paid keen attention to its community’s demands, hosting all kinds of giveaways, promotional events, and awareness campaigns. From just three contract trading pairs at launch, the Singapore-headquartered exchange has blossomed into one of the world’s most renowned crypto-derivatives platforms, with over 40 trading pairs and over 2 million users – a 300% increase in just the last year.

In the future, Phemex hopes to increase its listing capabilities to provide its community with more options.

Jack Tao spent over a decade on Wall Street before quitting his job to start Phemex. Along with his team of veteran Morgan Stanley executives, he co-founded the exchange after noticing just how biased the traditional financial system was towards retail investors. Centralization may have poisoned traditional finance, but blockchain technology can help neutralize its long-term threats.

Tao was quick to see the potential blockchain could pose to the world of financial services.

By distributing control between disparate, incentivized actors, everyone takes ownership of the network without anyone actually owning it, and this is the basis for how cryptocurrency transactions are secured today.

From a viral online 2.1 BTC giveaway to spread awareness of private key self-custody to expansive events with prizes collectively worth millions of dollars, the exchange has managed to remain in touch with its traders and their needs.

Furthermore, Phemex is hosting a special Metaverse edition of their popular Grab a Coin Campaign where users can join to win a variety of tokens such as SAND, ALICE, YGG, SLP, and AGLD.


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