Phemex CEO Notes The Significance Of Metaverse

Republished By Plato

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Phemex is a cryptocurrency spot and derivatives trading platform that supports almost 40 different currencies for both contract and spot trading. It was launched in 2019, and two years later, it has surpassed 2 million users and at times reached over $10 billion in daily trading volume.

Recently, on October 13-14, the company’s CEO participated in the World Blockchain Summit in Dubai, UAE. Over 1,500 executives from various governments and businesses participated in this event. Participants were able to meet opinion leaders and prominent investors. Fruitful collaborations and new connections were built over these two days.

Jack Tao, the CEO of Phemex, personally represented his company at the event. Jack founded Phemex with his partners. They previously all worked as executives on Wall Street. After they recognized the most serious disadvantages of the banking system, the team left Wall Street to build a strong cryptocurrency exchange with a powerful security system and good customer service. Nowadays CoinMarketCap frequently ranks Phemex as one of the world’s top 10 largest crypto platforms in the sphere of derivatives trading.

According to his speech, Phemex’s customer-centric approach allows them to provide a professional and intelligible crypto trading platform. Phemex provides its users with the necessary tools for managing trading risks smoothly.

Jack Tao about the importance of Metaverse

In addition to his presentation on Phemex, Jack Tao shared his opinion about the new booming trend in the crypto world – Metaverse. As a virtual space in the digital world of social media, games, and VR, the metaverse is one of the hottest subjects now discussed by the industry’s insiders.

Jack believes that Metaverse’s recent growth in popularity has been caused by the rise of cryptocurrencies:

“Metaverse is meant to be built by every participant, not by a central authority. Nobody has a clear idea of what the Metaverse is because it exists separately, in the minds of millions of individuals… blockchains enable the decentralization needed for Metaverse development.”

This developing trend is also influenced by NFTs, which are non-fungible tokens. NFTs have increased dramatically with new waves of communities and projects:

“This year, we’ve witnessed the massive rise, fall, and rise again of the NFT market. A telling sign that NFTs are here to stay is not that a few NFTs have sold for millions of dollars but that tens of thousands of NFTs have sold for modest sums. This demonstrates that digital collectables are not only the playground of crypto whales; they are disseminating toward mass exposure.”

Tao predicts that in the long-term, the digital realm will offer plenty of opportunities for its users: “Powerful companies outside of the crypto industry, such as Facebook and Epic Games, have begun investing heavily into virtual reality, cloud gaming, and other elements related to the Metaverse.”

Phemex in the Metaverse

While it is primarily a cryptocurrency exchange and not an NFT platform, Phemex still strives to capture opportunities related to the metaverse.

In March, Phemex organized a community-driven event that focused on NFTs. The result of this initiative was the creation of a NFT that combined all participants’ Phemex QR codes. After this NFT was listed and sold, each of more than 1000 participants shared in the profits.

Phemex also pays close attention to coin listings. Among them are:

AXS, the main governance token for Axie Infinity.
MANA, the native token of Decentraland.

The Phemex also supports the GameFi model. Jack highlighted that: “In crypto, GameFi is a noticeable new trend that introduces games intodecentralized finance.”