Phemex seems to have taken a bold step towards investing in nonfungible tokens (NFTs) and the metaverse. In many cases, exchange listings can take a while, mostly when someone is being careful what projects they invest in.
Normally, exchanges seem to do a lot of research and due diligence before they onboard any new projects. They ensure that the new projects are safe for the users to engage in and trade. Phemex is not an exception. Its latest spree of projects shows that its focus is clearly on the metaverse and NFTs.
Phemex has been quite vocal in its support for the metaverse, and with the blockchain-based NFTs at the core of the metaverse, it makes sense that the project incorporated projects like AGLD, ALICE, SAND, YGG, SLP, ANKR, and GTC.
This Singapore-based exchange also wants to list the Ethereum-based public decentralization identity protocol, ENS, together with decentralized encryption service and access control network NU. Moreover, this platform also listed the decentralized data monetization project called OCEAN and MASK, a platform that enables users to send and receive encrypted messages via Twitter and Facebook.
Notably, the ERC-20 version of the USDC token for the smoother Ethereum-based transfers of the USD-pegged stablecoin is available on Phemex. The exchange said that it will list 12 new tokens between mid and late January 2022. That would bring their total number of tokens on offer to 52 trading pairs available on its spot and derivatives platforms.
Phemex Growth Since Launch
Just like the rest of the industry, in the last several years, Phemex witnessed some massive growth. In December 2021, this exchange celebrated its 2nd anniversary, pushing a ‘Dream With Phemex’ campaign to turn a few lucky winners’ dreams into reality.
Apart from hosting different trading competitions since 2019, Phemex has paid a lot of attention to the demands of its community. In that context, the platform has hosted all sorts of promotional events, giveaways, and awareness campaigns.
From having only three contract trading pairs at its launch, the Singapore-based firm has grown to become a renowned crypto-derivatives platform globally. It has more than 40 trading pairs and at least 2 million users; a 300% increase within 12 months.
In the coming months, Phemex wants to increase its listing capabilities to offer its community additional options.
Some Inspiring Change
ack Tao spent at least ten years on Wall Street before he quit his job to launch Phemex. Partnering with a team of veteran Morgan Stanley executives, he co-founded the crypto exchange after he noticed how biased the traditional financial system was towards retail investors.
Centralization seems to have poisoned traditional finance, but blockchain can help in neutralizing its long-term challenges. Tao was quick to identify the potential that blockchain could bring to the world of financial services that now involves DeFi and NFTs.
Through the distribution of controls between disparate, incentivized actors, every participant takes ownership of the network without anyone owning it. That is the basis for the way crypto transactions are secured currently.
Starting from a viral online 2.1 BTC giveaway to spread awareness of the private key self-custody technology to the massive events with prizes cumulatively worth millions of dollars, this exchange has now managed to remain majorly in touch with the traders and most of their needs.
In that context, Phemex exchange is hosting a special NFT and Metaverse edition of their popular Grab a Coin Campaign. In this campaign, users can join to win various tokens including YGG, SAND, AGLD, SLP, and ALICE. With more exchanges listing NFT-related coins, the nascent sector is expected to thrive further in 2022.