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Phemex offers the chance to break through the noise of the current systems, where traders carve their own path independent of other players and break free from the shackles of traditional finance.
They say dreams come to life on Wall Street, but that doesn’t stop the world’s economic epicenter from being a nightmare to work in. From trading floors of frustrated brokers yelling expletives to the silence of modern-day electronic trading systems, money talks on Wall Street. However, even though the NYSE is home to assets worth over $28.5 trillion, so much is still left unspoken.
History doesn’t repeat according to Wall Street – it rhymes. Time and time again, the inefficiencies of centralized financial systems have failed markets and their participants, but when Phemex’s co-founder Jack Tao joined Morgan Stanley back in 2009, he was nowhere near prepared for just how walled its streets were for retail investors. From trade freezing and fee hikes to exclusive dealings and insider whispers, Jack began to see the system in its true form — a system partial to the rich and influential.
The word ‘Phemex’ draws its definition from two other words – ‘Pheme,’ the Greek God of fame, an infamous champion of public opinion, and ‘MEX,’ which is short for mercantile exchange. Phemex envisions a world of improved financial systems where no individual is suppressed and everyone is given a chance to succeed.
Jack’s goal was to build a completely new set of financial services, rebooting the system to give everyone an equal footing. Inevitably, through his attempts to find an environment to implement his design, Jack found blockchain.
He entered the world of cryptocurrencies as a Bitcoin miner, registering on a putative exchange platform to invest in the asset class. However, due to various technicalities, corporate loopholes, and barely existent regulation, Jack ended up losing a significant portion of his investments after a system malfunction. This was his first dilemma.
According to Jack, digital assets were supposed to uphold the ideals of monetary freedom, sovereignty, and distributed control, but he soon realized these principles had only been implemented on the surface. This is the story of how Phemex came to be.
Eight executives from Morgan Stanley joined Jack in co-founding Phemex in 2019. Mainly, to help facilitate a decentralized global economy and to develop an arena where no one was guaranteed victory, but also where no one could stifle someone else from prospering.
Where Finance Meets Freedom
When it comes to money, centralization seems like the only way to go. That’s how it’s always been, and before Bitcoin, the idea that a currency could sustain its value without trusted intermediaries was practically alien. Blockchain is a civilizational response to the ruthless capital management practices of centralized institutions, allowing for permissionless global trade and decentralized control.
Today, Phemex is among the world’s top cryptocurrency derivatives exchanges, boasting quarterly trade volumes of over $266 billion and a user-base of more than 1.5 million active traders.
Developed from scratch by a group of veterans from Wall Street, Phemex prides itself in bringing digital assets to mainstream audiences using its blazing-fast core trading engine, intuitive user experience and interface, and community engagement initiatives. With its team of financial experts behind it, Phemex is trudging along on its path to building the most secure, reliable digital asset and derivatives exchange globally.
Break Through, Break Free
Cryptocurrencies were born from the general sentiment that our financial system deserves better than the inefficient middlemen it has today. Traditional financial systems are all but broken, but digital assets enable anyone in the world to transact outside of its limits. Globally, stock markets host more than $80 trillion in assets, and it can be hard to remember that there are real people involved in these markets, especially with so much money on the line.
This September, Phemex’s exchange interface is getting a complete overhaul, including a brand-new visual design that helps people more easily take part in the story of how blockchain is disrupting our current monetary systems.
Money wasn’t made to favor certain layers of society, but it does. Trading is, by nature, extremely competitive, but that doesn’t mean it has to be unfair. Phemex plans to empower economies that endorse principles of freedom, organic growth, and equal opportunity by enabling people to make market contributions on their own terms.
Phemex is breaking down the walls created to serve exclusivity and privilege, affording users an ecosystem where success is determined by skill and determination – not connections, capital, or heritage. Digital asset investments are inherently risky, but there’s adventure in outpacing tradition with technology. Phemex offers the chance to break through the noise of our current systems, where traders carve their own path independent of other players, and break free from the shackles of traditional finance.