The Singapore-based cryptocurrency and derivatives buying and selling platform Phemex participated in The World Blockchain Summit in Dubai, which was held on October 13 and 14 in Dubai, UAE. The summit invited greater than 500 specialists from totally different authorities and enterprise sectors to:
- Be a part of forces with top-tier corporations coping with blockchain and crypto
- Community with people who share the identical opinions, mindset, and investing tradition
- Keep knowledgeable in regards to the fashionable trade developments and improve their very own abilities.
Jack Tao, the co-founder and CEO of Phemex, joined the occasion as a speaker. The unique founding crew of Phemex consisted of a number of veteran Wall Road execs. Regardless of following the normal monetary system, Tao caught on shortly that it unfairly advantages the privileged in our society. He ended up investing in a number of crypto exchanges early on however felt that the world wanted a platform that was extra skilled, user-friendly, safe, and had higher customer support. Consequently, he and his colleagues left Wall Road and launched Phemex in 2019. Now it’s ranked among the many world’s high 10 largest crypto exchanges in derivatives buying and selling in keeping with CoinMarketCap.
Tao emphasised that their goal at Phemex is to turn out to be synonymous with a clear and extremely skilled crypto trading platform that cultivates person belief by managing dangers and giving individuals the appropriate buying and selling instruments.
Jack Tao’s outlook on Metaverse
As a speaker on the World Blockchain Summit, Tao additionally shared his ideas on the trending topic inside crypto circles i.e. Metaverse. Though Metaverse is underneath growth, this subject has attracted immense consideration and assist. The topic has gained salience amongst trade insiders and specialists due to its untapped potential. Tao feels the identical means about Metaverse and its rising functionality. He mentioned that the Metaverse has come a good distance and retains getting fashionable because of the rise of crypto. “Metaverse presents a brand new means through which we work together with the digital world, one that’s much more immersive and disruptive than our web at the moment second. Nobody is aware of precisely what it can appear to be, however that’s by design as a result of Metaverse is meant to be constructed by every of its individuals, not by any central authority.”
A big driver of this fashionable pattern is non-fungible tokens (NFT), that are creating waves throughout the crypto group by way of new initiatives and communities.
Increasingly persons are adopting the NFT idea as of late. Tao mentioned, “the 12 months 2021 noticed the journey of the NFT market that rose, fell, solely to stand up once more. It serves as a sign that NFTs will not be short-term for the crypto trade. The expansion in NFT publicity proves that digital collectibles will not be solely meant for crypto whales.
Jack Tao of Phemex thinks that in the long run, the digital world will present a number of alternatives within the close to future. “Expertise conglomerates that function exterior of the crypto world like Epic Video games and Fb are additionally considerably investing in digital actuality, cloud gaming, and different elements of the Metaverse.”
Phemex becoming a member of Metaverse
Although Phemex is strictly a crypto exchange and never an NFT platform, the corporate intends to seize alternatives throughout the Metaverse. In March, the Phemex crew organized an NFT themed occasion and invited its personal customers. The occasion produced a community-made NFT that compiled all individuals’ QR codes for his or her Ethereum deposit address on Phemex. 1000’s of individuals who joined additionally acquired funds after the NFT was listed and offered. Phemex helps coin listings associated to the metaverse akin to:
- AXS: the first governance token for Axie Infinity, which is a extremely fashionable GameFi mission.
- MANA: Decentraland’s native token utilizing which customers should buy, personal, and alter NFT-based digital actual property.
Itemizing the above-mentioned cash on the Phemex platform is a telling signal of their confidence within the upcoming GameFi model. This crypto alternate fastidiously investigates each single crypto mission earlier than itemizing them on the platform with a view to defend prospects from low-tier protocols. Phemex goes the additional mile to seek out out whether or not a selected crypto mission would revenue from megatrends akin to Metaverse or not.
Phemex’s participation within the occasion ensures its assist and contribution to the Metaverse. In line with Jack Tao, “it’s a necessary doorway for newbies who take their first step into the thrilling world of crypto”
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