The Singapore-based cryptocurrency and derivatives trading platform Phemex participated in The World Blockchain Summit in Dubai, which was held on October 13 and 14 in Dubai, UAE. The summit invited more than 500 experts from different government and business sectors to:
- Join forces with top-tier companies dealing with blockchain and crypto
- Network with individuals who share the same opinions, mindset, and investing culture
- Stay informed about the popular industry trends and upgrade their own skills.
Jack Tao, the co-founder and CEO of Phemex, joined the event as a speaker. The original founding team of Phemex consisted of several veteran Wall Street execs. Despite following the traditional financial system, Tao caught on quickly that it unfairly benefits the privileged in our society. He ended up investing in several crypto exchanges early on but felt that the world needed a platform that was more professional, user-friendly, secure, and had better customer service. Consequently, he and his colleagues left Wall Street and launched Phemex in 2019. Now it is ranked among the world’s top 10 largest crypto exchanges in derivatives trading according to CoinMarketCap.
Tao emphasized that their objective at Phemex is to become synonymous with a transparent and highly professional crypto trading platform that cultivates user trust by managing risks and giving people the right trading tools.
Jack Tao’s outlook on Metaverse
As a speaker at the World Blockchain Summit, Tao also shared his thoughts on the trending subject within crypto circles i.e. Metaverse. Although Metaverse is under development, this topic has attracted immense attention and support. The subject has gained salience among industry insiders and specialists because of its untapped potential. Tao feels the same way about Metaverse and its rising capability. He said that the Metaverse has come a long way and keeps getting popular due to the rise of crypto. “Metaverse presents a new way in which we interact with the digital world, one that is even more immersive and disruptive than our internet at the present moment. No one knows exactly what it will look like, but that is by design because Metaverse is supposed to be built by each of its participants, not by any central authority.”
A significant driver of this popular trend is non-fungible tokens (NFT), which are creating waves within the crypto community through new projects and communities.
More and more people are adopting the NFT concept these days. Tao said, “the year 2021 observed the journey of the NFT market that rose, fell, only to rise up again. It serves as an indication that NFTs are not temporary for the crypto industry. The growth in NFT exposure proves that digital collectibles are not only meant for crypto whales.
Jack Tao of Phemex thinks that in the end, the digital world will provide several opportunities in the near future. “Technology conglomerates that operate outside of the crypto world like Epic Games and Facebook are also significantly investing in virtual reality, cloud gaming, and other aspects of the Metaverse.”
Phemex joining Metaverse
Though Phemex is strictly a crypto exchange and not an NFT platform, the company intends to capture opportunities within the Metaverse. In March, the Phemex team arranged an NFT themed event and invited its own users. The event produced a community-made NFT that compiled all participants’ QR codes for their Ethereum deposit address on Phemex. Thousands of participants who joined also received funds after the NFT was listed and sold. Phemex supports coin listings related to the metaverse such as:
- AXS: the primary governance token for Axie Infinity, which is a highly popular GameFi project.
- MANA: Decentraland’s native token using which users can buy, own, and change NFT-based digital real estate.
Listing the above-mentioned coins on the Phemex platform is a telling sign of their confidence in the upcoming GameFi model. This crypto exchange carefully investigates every single crypto project before listing them on the platform in order to protect customers from low-tier protocols. Phemex goes the extra mile to find out whether a particular crypto project would profit from megatrends such as Metaverse or not.
Phemex’s participation in the event guarantees its support and contribution to the Metaverse. According to Jack Tao, “it is an essential doorway for newbies who take their first step into the exciting world of crypto”