Phemex, a Singapore-based cryptocurrency and derivatives trading platform, attended The World Blockchain Summit in Dubai on October 13 and 14 in Dubai, UAE. More than 500 experts from various government and business sectors were invited to the summit to:
Join forces with top-tier blockchain and cryptocurrency companies. Connect with people who share your beliefs, mindset, and investing culture. Keep up to date on popular industry trends and continue to improve their own abilities.
Jack Tao, the co-founder and CEO of Phemex, spoke at the event. Phemex’s original founding team included several veteran Wall Street executives. Despite adhering to the traditional financial system, Tao quickly realized that it unfairly benefits our society’s privileged. Early on, he invested in several cryptocurrency exchanges, but he felt that the world needed a platform that was more professional, user-friendly, secure, and provided better customer service. As a result, he and his colleagues left Wall Street and established Phemex in 2019. According to CoinMarketCap, it is now one of the top ten largest crypto exchanges in the world for derivatives trading.
Tao emphasized that Phemex’s goal is to become synonymous with a transparent and highly professional cryptocurrency trading platform that fosters user trust by managing risks and providing people with the right trading tools.
Jack Tao’s thoughts on the Metaverse
Tao, as a speaker at the World Blockchain Summit, also discussed the Metaverse, a hot topic in crypto circles. Despite the fact that the Metaverse is still in development, this topic has garnered a lot of attention and support. Because of its untapped potential, the topic has gained traction among industry insiders and specialists. Tao feels the same way about the Metaverse and its growing potential. He stated that the Metaverse has come a long way and is becoming increasingly popular as a result of the rise of cryptocurrency. “The Metaverse presents a new way for us to interact with the digital world, one that is even more immersive and disruptive than our current internet.” Nobody knows what it will look like, but that is by design because the Metaverse is supposed to be built by its participants, not by any central authority.”
Non-fungible tokens (NFT), which are making waves in the crypto community through new projects and communities, are a significant driver of this popular trend.
People are increasingly adopting the NFT concept these days. “The year 2021 witnessed the journey of the NFT market that rose, fell, and rose again,” Tao said. It shows that NFTs are not a passing fad in the crypto industry. The rise in NFT exposure demonstrates that digital collectibles aren’t just for crypto whales.
According to Jack Tao of Phemex, the digital world will ultimately provide several opportunities in the near future. “Outside of the crypto world, technology conglomerates such as Epic Games and Facebook are also heavily investing in virtual reality, cloud gaming, and other aspects of the Metaverse.”
Phemex has joined the Metaverse.
Despite the fact that Phemex is primarily a crypto exchange and not an NFT platform, the company intends to capitalize on opportunities in the Metaverse. The Phemex team hosted an NFT-themed event in March and invited its own users. The event resulted in a community-created NFT that compiled all participants’ QR codes for their Phemex Ethereum deposit address. After the NFT was listed and sold, thousands of participants received funds. Phemex accepts coin listings from the metaverse, such as:
AXS: the primary governance token for Axie Infinity, a well-known GameFi project. MANA: Decentraland’s native token that allows users to purchase, own, and trade NFT-based digital real estate.
The inclusion of the aforementioned coins on the Phemex platform demonstrates their confidence in the upcoming GameFi model. To protect customers from low-tier protocols, this crypto exchange thoroughly investigates each and every crypto project before listing it on the platform. Phemex goes above and beyond to determine whether a specific crypto project would benefit from megatrends such as Metaverse.
Phemex’s participation in the event ensures its continued support for and contribution to the Metaverse. “It is an essential doorway for newbies who take their first step into the exciting world of crypto,” says Jack Tao.