Place/Date: - April 15th, 2022 at 12:30 am UTC · 3 min read
Contact: Catherine Li, Events & Sponsorships, Source: Phemex
Phemex Business Development Director of Global Markets, Federico Variola, spoke at the Paris Blockchain Week Summit that took place on April 13th and 14th, 2022.
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Federico talked to the audience about the virtual economy, which is facilitated by digital currencies and NFTs, is exacerbating the rise of the crypto area. Popular NFTs like Cryptopunks and BAYC (ApeCoin) are attracting crypto fans from all around the world, with OpenSea achieving a trading volume of over $20 billion. Even social media platforms like Instagram and Twitter are rumored to be working on NFT integration.
In the expanding presence of established firms such as Meta/Facebook, Nike, JP Morgan, and Microsoft, Variola also spoke about the new narratives of the Metaverse. Traditional gaming platforms like Ubisoft are investing in blockchain gaming and FTX enterprises, in addition to gaming in projects like Axie Infinity and Yield Guide Games.
Variola noted how Phemex supports Metaverse development in various ways, including listing relevant coins and holding engaging user events and campaigns. Phemex, which was founded in 2019, intends to improve the professionalism and efficiency of a fast-growing but yet immature industry. The main goal of the platform is security, speed, convenience, low fees, and giving users access to a variety of crypto pairs. Phemex has supported the Metaverse’s expansion by listing assets like AXS, MANA, YGG, SAND, SLP, and many more. Phemex will keep a close eye on this tremendous and growing trend in the future.
In addition, the Defi Summer from 2020 to present was also discussed in the speech. “DEXes are becoming increasingly popular,” said Variola. Indeed, Uniswap, Curve, and L1 Ethereum competitors such as Solana, Binance SmartChain Avalanche, and Terra are beginning to eat into Ethereum’s market share by emphasizing speed and scalability. As a result, in order to maintain long-term growth, exchanges must adapt and potentially participate in this rivalry by aligning themselves with innovative new ventures.
In conclusion, Fedrico noted that the landscape for exchanges is more complex than ever before. The crypto industry is expanding rapidly, and exchanges must be very present and nimble in adapting to the new market. Exchanges must carefully consider which segments of the industry they see highest potential in, then move quickly to align themselves.
The Paris Blockchain Week Summit is a global event of keynotes, panels, conferences, workshops, hackathon and parties. It connects global blockchain enthusiasts and technology players in this space including emerging startups – with regional businesses, government authorities, IT leaders, tech entrepreneurs, investors, and blockchain developers.
Launched in 2019, Phemex is a Singapore-based cryptocurrency and derivatives trading platform led by former Morgan Stanley executives. Serving around 2 million active users in over 200 countries, Phemex supports 39+ contract trading pairs with up to 100x leverage and 200+ spot trading pairs, making it easy and efficient to trade and buy cryptocurrency. Phemex is also the first major exchange to pioneer an optional premium membership model for zero spot trading fees.