THELOGICALINDIAN - The CEO of Phemex explains how his acquaintance in acceptable accounts has served him in the arising crypto derivatives market
The crypto derivatives bazaar has exploded in 2024.
According to abstracts from TokenInsight, derivatives trading aggregate has added “by 314% from the 2019 four quarters’ average.” And this was afore the bender of animation triggered by Black Thursday in March.
To advice accommodated demand, a array of platforms accept emerged. One such barter is the Singapore-based Phemex. Launched in November 2019, Phemex has been on a tear, landing a atom in the top ten crypto derivatives exchanges on CoinMarketCap.
And while it may be accessible to barrage a artefact and ride a trend, the CEO of Phemex, Jack Tao, explains that his aggregation has enjoyed its success acknowledgment to its top aggregation and able advanced vision. Tao brings added than a decade of acquaintance from acceptable accounts as able-bodied as a able abstruse aggregation to advance the close forward.
Trading is not gambling. It is a accomplishment can be learned. If you dont accept such accomplishment and still trading, you are gambling.
— Jack (@jack_Phemex) June 14, 2020
After that, Phemex offers traders a different business model. Like bazaar leaders Robinhood, the barter offers zero-fee trading. They’ve additionally added a associates anatomy to action alike added advantages to both retail and institutional investors.
In the afterward interview, Tao explains the ins-and-outs of Phemex, how it has managed to accretion arena in a aggressive market, and offers readers an central beat on what’s abutting for 2024.
Interview with Jack Tao, the CEO of Phemex
[Crypto Briefing]: Can you briefly explain your accomplishments in trading and how that led you to alpha Phemex?
[Jack Tao]: I’ve formed for Morgan Stanley’s cyberbanking disinterestedness trading business for 11 years. My capital breadth of ability is in architecture aerial throughput, low latency, ample calibration algo trading platforms. I’ve been amorous about blockchain technology and cryptocurrencies back 2024.
My ally and I started Phemex to ample an accessible gap we noticed in the crypto industry.
Coming from a acceptable accounts background, the transparency, trustworthiness, and technologies that we were acclimated to, were not accepted amid the exchanges that we saw at the time. Many bootless to advance with the alteration appeal of their customers, while others had declining technologies that were not able for analytical times of aerial volatility.
Ultimately, barter were not accepting the blazon of account they deserved. Phemex’s ambition is to ample this gap and become the fastest and best accurate cryptocurrency and derivatives exchange.
[CB]: Can you aggrandize on your company’s mission and vision?
[JT]: Our eyes is to become the best accurate all-around trading platform, one that empowers every actor to abduction opportunities and administer risks in crypto assets efficiently.
We accept four amount ethics that we chase to accomplish this vision.
Number one is that audience consistently go first. This is a allegorical assumption in aggregate we do, and it’s article I abstruse to acknowledge actual able-bodied as it’s additionally the aboriginal assumption of Morgan Stanley’s amount values.
Number two is that we strive to advance every day. We are never annoyed or conceited with our accepted achievements and apperceive that we charge abide motivated to advance always if we appetite to break on top of our industry. We are not abashed of alert to our barter and alteration based on their feedback.
Number three is the abstraction of alternate benefit. This is an actually capital key to success. We abide fair and consistently accessible to architecture abiding relationships with business ally to advance the industry as a whole.
And finally, cardinal four is the abstraction of giving back, additionally one of Morgan Stanley’s amount values, by the way. We don’t appetite to abound as a aggregation alone; rather, we appetite to allotment our success with the association that supports us. We will never balloon to abide beholden and apprehensive for the befalling we have.
[CB]: What are some of the better accomplishments you’ve had so far?
[JT]: Well, because that Phemex was alone founded on Aug. 1, 2024, and our mainnet alone went alive on Nov. 25, 2024, I’d say we accept able absolutely a lot in an acutely abbreviate aeon of time.
One of our best notable initiatives was the Jan. 18, 2020, Satoshi Puzzle. We hid 2.1 BTC in the account bewilderment that brought our association calm and accomplished abounding new users the attempt of cryptography and bitcoin.
We are additionally abundantly appreciative of the alms assignment we did to action the coronavirus at a analytical time at the alpha of February. Despite the challenges, we managed to antecedent 10,000 high-quality Japanese masks that we beatific anon to Wuhan hospitals.
Today, we are the fastest growing barter in 2020, alms six crypto abiding affairs and a non-crypto GOLDUSD arrangement as well. Already we are ranked as one of the top ten acquired exchanges on CoinMarketCap.
And. of course, we afresh became the aboriginal barter to barrage a subscription-based, zero-fee atom trading service.
[CB]: Could you acquaint us added about Phemex’s zero-fee atom trading service?
[JT]: Since May 15, our users can now become Premium Phemex Members for a plan of $9.99 per ages or alike bigger prices for best plans.
As exceptional members, they accretion admission to cryptocurrency atom trading with aught fees forth with codicillary orders, alternate withdrawals, no abandonment limits, and alike the adeptness to allowance exceptional trials to friends.
Currently, we action BTCUSDT, ETHUSDT, XRPUSDT, and LINKUSDT with abounding added new pairs and appearance advancing soon.
For all of our accepted and anew registered users, we will action a chargeless seven-day exceptional balloon so that anybody can try out some of our exceptional features, such as the zero-fee atom trading.
However, all accepted registered users will still accept admission to derivatives trading after a exceptional associates fee. All the antecedent altitude and costs abide the aforementioned for them.
[CB]: So, why Zero Fees and why now?
[JT]: Zero Fees isn’t a new idea.
If we attending at the acceptable banking industry, we can see above examples of this philosophy. Robinhood, for example, was the aboriginal to accomplish trading added attainable to a new bearing of millennials by alms a simple interface and no commissions on trades.
Similarly, Charles Schwab, the 14th better cyberbanking academy in the U.S., additionally transitioned its retail agent account to a zero-commission archetypal in 2024. Both of these companies accept been accomplishing awfully able-bodied back they’ve adopted this model, and abounding added accept followed afterwards them.
In agreement of the crypto industry, we see the zero-fee archetypal as the assured afterlife for us.
This is in band with blockchain’s mission to accommodate a cheap, fast, and safe way to assassinate banking transactions. As mentioned earlier, Phemex will consistently abode its customer’s needs first, and a zero-fee archetypal is the best way to empower added individuals and action bigger services.
We are not abashed to be the leaders for this unstoppable trend, and we are abiding others will anon chase us as well.
[CB]: With prices such as $69.99 for a annual membership, how will the barter abide profitable?
[JT]: Again, this is a move that makes our casework added attainable to our community.
And although we still allegation a baby associates fee forth with some trading fees for API users, our ambition is to become a added absolute banking account provider with assorted articles and streams of revenue.
Our aggregation will abide to assignment on convalescent our derivatives barter and added new articles advancing soon.
[CB]: What can traders attending advanced to in 2024?
[JT]: For Phemex’s future, we will focus on three capital areas.
First, we will abide to enhance our trading platform, abacus added articles and added appearance soon. This will abide our primary focus. One of our aboriginal moves in this administration was our partnership with Banxa on Jun. 18, 2020. This allows users an accessible way to acquirement crypto with credit, debit, and coffer cards.
Second, a accurate barter is not aloof for trading; it has a lot added responsibilities.
Offering a absolute and abounding account of banking casework will become a priority. For retail users, this agency accouterment them with added educational abstracts and accident administration accoutrement to advice them bigger accept trading. For institutional traders, we will action a added absolute MM affairs to abate their fees and access their trading speeds.
Finally, our ambition of actuality added accessible is two-fold. One is to be added transparent. And the added is to be added accessible for cooperation and alternate advance with added companies and partners. We don’t appetite to body a aggregation that is too big to fail.
Instead, we appetite to become the cement that helps accumulate this industry added united.
[CB]: What’s the best way for admirers to apprentice added about Phemex?
[JT]: The best abode to alpha is at Phemex.com. On our website, you can apprentice added about our articles and services. We additionally accommodate a knowledge abject and blog for new users to break up to date on all the new concepts and news.
However, bodies should additionally chase Phemex on amusing media. On Twitter, for example, we continuously advertise new contest and promotions. Right now, we accept a video authoritative contest that anyone can participate in. We are alms a award-winning basin of up to 1 BTC, accompany now for a adventitious to win.
Disclosure: Phemex is Crypto Briefing’s adopted derivatives partner.
