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Phemex to Introduce Bitcoin to Its Earn Crypto Product

UTC by Julia Sakovich · 5 min read
Phemex to Introduce Bitcoin to Its Earn Crypto Product
Photo: Depositphotos

Phemex offers a myriad of investment products. From general spot market trading to services related to derivatives contracts such as options, futures, and perpetual swaps, the cryptocurrency exchange aims to accommodate the rising demand for its users.

With the world becoming economically insecure rapidly, the cryptocurrency industry has found a global appeal. Touted as the next big wave of financial democratization, the digital asset realm, though a few years old, has captured the imagination of speculative investors, libertarians, and computer programming enthusiasts alike.

Bitcoin and the cryptocurrency market, by extension, have faced tremendous hurdles over the years. Be it the stringent regulatory aspect or long-time critics or naysayers; the industry has seen it all. But these pressures have so far failed to weigh down the market. To date, there are almost 420 Bitcoin obituaries published online. But its market cap continues to grow. While the combined valuation of the crypto market surged $2 trillion this year, Bitcoin’s market cap also surpassed $1 trillion.

Beyond the buzz, the underlying blockchain technology has also paved the way for massive disruption. What started as a basis of Bitcoin and other cryptocurrencies, blockchain technology has evolved from just a big fancy word to one of the most ground-breaking innovations for scores of different industries.

Blockchain technology has built a powerful brand in the digital currency space, thanks to the visionaries and developers that help the technology grow. The technology has made possible the recreation of traditional financial instruments while innovating the components of digital money simultaneously.

Introducing Phemex

With rising demand, innovation is imperative. Singapore-based popular cryptocurrency exchange, Phemex, had announced its Earn Crypto program in December last year. Earn crypto is an asset management service that targets different kinds of digital asset investors in the market. Launched on the 18th of January 2021, the program emerged as a highly lucrative opportunity for market participants exploring ways to earn attractive interest rates on cryptocurrencies as their passive income.

Earn Crypto Program: In Brief

The cryptocurrency exchange, Phemex was launched in the year 2019 to provide a reliable and robust platform wherein users can trade different crypto-assets. In less than two years, it has managed to accomplish a milestone of over 1 million in user base. Phemex is led by a team of experts who also happen to be former Morgan Stanley veterans.

Phemex offers a myriad of investment products. From general spot market trading to services related to derivatives contracts such as options, futures, and perpetual swaps, the cryptocurrency exchange aims to accommodate the rising demand for its users. Additionally, Phemex also offers gold contracts.

Not long ago, Phemex had carried out a lucky draw contest to mark the launch of the Earn Crypto platform for the first thousand participants. It presented $500 in trading bonuses along with a brand-new PlayStation 5 to one lucky winner. The participants were given the opportunity to earn attractive interest rates on digital assets. The platform rolled out two methods for its users: A Flexible Savings Account and a Fixed Savings Account.

Flexible Savings Account gives 7% APY daily, while Fixed Account offers 10% APY weekly. The latter requires a minimum deposit of 100 USDT. The Fixed account also entails an auto-renewal system that helps traders stake over longer time frames to make continued deposits. It also facilitates a weekly payout to be added into the initial deposit, which gets compounded the next week.

Phemex vigorously advocates the need for transparency and aims to provide security to the assets offered on the exchange. For this purpose, the platform uses real-time monitoring systems, conducts third-party audits, and other mechanisms such as deploying a professional risk control system.

Phemex has no intention to change the current interest rates on Earn Crypto based on the performance concerning internal investment strategy. Here, the traders always receive the advertised interest. It also enables the traders on its platform to open multiple accounts to distribute funds. Hence, these services make Phemex stand out among thousands of other cryptocurrency platforms.

Earn Crypto Launches Support for Bitcoin

Initially, the Earn Crypto platform began as a stablecoin-related service. A few months later, Phemex announced the introduction of Bitcoin to broaden its offerings. The exchange will launch support for the cryptocurrency starting the 7th of June this year.

This offering will include a Flexible Account which is set to offer 2% APY. The Fixed Account, on the other hand, will provide 4% APY on the same. The users can purchase these assets directly via Phemex’s fiat payment gateway on the Earn Crypto platform using VISA, Mastercard, ApplePay, etc.

Thanks to its latest roll-outs and features, Phemex has indeed managed to outshine its competitors. With this, the platform now joins the band of well-known industry players like Binance by providing attractive interest rates on cryptocurrency deposits.

Phemex’s Search for Laszlo Hanyecz

Phemex had previously announced its plans to celebrate Bitcoin Pizza Day on the 22nd of May this year by introducing a new contest. A quick primer for the unversed: Eleven years ago, Laszlo Hanyecz made history after becoming the first person to use Bitcoin in a commercial transaction.

A software programmer from Florida, Hanyecz gained fame in the crypto world after trading 10,000 BTC for two large pizzas. During that time, the entire transaction had cost him a little over $41. Today, the total Bitcoins spent would have amounted to approximately $400 million.

He did lose out on an absurd amount of money owing to the drastic rally in the price of Bitcoin. But the transaction had more symbolic significance. His contribution in demonstrating the use-case of the cryptocurrency, however, does not end there. He is the man behind the transition of Bitcoin mining from CPU to GPU. Before revolutionizing mining, Hanyecz was also one of the first-class OG contributors of Bitcoin core.

To celebrate the Bitcoin Pizza Guy and his contributions, Phemex came up with a plan to offer him another chance to spend his 10,000 BTC and make a good profit in return. To get the word out, the platform kickstarted a campaign called Gleam within its community.

Phemex couldn’t find Laszlo Hanyecz, but it did not disappoint the 8 lucky winners who won $10,000 worth of crypto.

Altcoin News, Bitcoin News, Cryptocurrency News, News
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