Wall Street is usually touted because the place the place desires come to life, however the world’s financial epicenter may also be an absolute nightmare. From brokers screaming at one another throughout buying and selling flooring to the fashionable digital buying and selling programs of at this time, money talks in Wall Street. However, whereas the NYSE homes over $28.5 trillion in property, there’s nonetheless a lot left unsaid.
On Wall Street, it’s believed that historical past doesn’t repeat itself, however rhymes. The world’s monetary programs have failed constantly over time, however when Phemex’s founder Jack Tao initially joined Morgan Stanley in 2009, nothing may have ready him for the restrictive design monetary markets utilized in direction of retail traders. From censoring trades inflating charges to conducting offers with unique companions away from the general public’s consideration, Jack began seeing the system because it was — skewed in favor of the wealthy and influential.
The title ‘Phemex’ comes from two phrases — ‘Pheme,’ the Greek God of fame, who was a conduit for the general public’s opinion, and ‘MEX’ (brief for mercantile change). Phemex believes our monetary programs will be higher, however solely when everybody has an equal footing, and nobody’s views can eclipse the others.
Jack noticed the potential for a complete new world of economic providers — one the place the whole lot was reset, and everybody was given a preventing probability. During his search to determine methods to implement his design, Jack finally found blockchain.
His journey started as a Bitcoin miner, becoming a member of a reputed cryptocurrency change to start investing into the technology. However, technical loopholes and poor regulation brought on Jack to lose a important a part of his holdings via an change malfunction. This was a downside.
In his thoughts, digital property represented the beliefs of decentralized management, monetary freedom, and particular person sovereignty, however these beliefs have been solely being applied on the floor. Phemex’s origin story really begins right here.
In 2019 Jack, together with eight different Morgan Stanley executives, based Phemex to allow a blockchain-powered future for the world’s economies, the place energy would by no means change into saturated inside a choose few, and alternatives may by no means be stifled.
The idea of money has remained centralized from the beginning. Before Bitcoin, the concept a forex may maintain worth with out a trusted middleman was fully international. Blockchain is humanity’s response to the inefficient administration of capital by centralized entities, permitting for censorship-resistance, distributed management, and trustless worth switch with out borders.
In the final two years alone, Phemex has expanded into one of many top-ranking international derivatives exchanges within the cryptocurrency trade, boasting a user-base of 1.5 million, with a quarterly commerce quantity of over $266 billion. Designed from scratch by a squad of Wall Street veterans, Phemex was made to carry monetary providers to the plenty utilizing its intuitive design, lightning-fast buying and selling engine, and constructive method to neighborhood suggestions.
With its group of specialists within the realm of finance, Phemex is marching in direction of its purpose of being essentially the most safe and reliable digital asset change on the planet.
Break Through, Break Free
The common sentiment that inefficient middlemen spoil the system catalyzed the beginning of cryptocurrencies, and blockchain technology provides folks the flexibility to commerce with out restrictions. The conventional stock market consists of roughly $80 trillion in property, and with a lot money on the road, it may be laborious to keep in mind that there’s a actual individual concerned behind each shifting market metric.
This month, Phemex can also be giving its person interface a full overhaul, together with a full redesign of its visible design so customers can extra simply participate within the ongoing blockchain revolution. Contrary to widespread perception, the world’s monetary programs weren’t designed to be unfair, however that doesn’t change the truth that they’re.
Trading is essentially aggressive, however that doesn’t imply the competitors can’t be unbiased. Phemex desires to energy an economic system fueled by freedom, equal alternative, and natural development by permitting its customers to make significant market contributions on their very own phrases.
By eradicating obstacles created by exclusivity or privilege, Phemex provides a platform the place winners are determined primarily based on their skills and foresight — not their connections.
Cryptocurrency traders are on an journey to interrupt via the obstacles shaped by the world’s conventional monetary ecosystems. Carve your personal path, and break away with Phemex.
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