The head of the crypto-derivatives exchange Phemex, Jack Tao spoke at the seventh International Blockchain Life Forum 2021, which took place on October 26-27 in Moscow. He discussed the advantages of trading on Phemex and the exchange’s investment products.
Jack Tao began his remarks with the story of Phemex’s founding: the crypto exchange was created by eight former Morgan Stanley employees in 2019. They saw equal opportunities and financial freedom in the cryptocurrency industry, which did not exist in the traditional banking system that serves the interests of a privileged minority:
«Before Phemex many of us invested in cryptocurrency, but often lost money not through our own fault — due to technical failures on exchanges. Such experience helped us understand that the crypto industry needs platforms of a higher level of professionalism, security and customer service».
The Phemex team developed a trading engine capable of handling up to 300,000 transactions per second. The system’s response time when placing an order does not exceed 1 millisecond.
The founder of Phemex noted that in two years the exchange registered 2 million users. Phemex currently supports 37 crypto assets and futures contracts with leverage up to 100x.
«Our main task is to provide users with clear and safe investment opportunities», said Jack Tao.
He added that Phemex was the first among major crypto exchanges to adopt the model премиум-членства. Users pay $10 per month and gain access to spot trading with zero fees — up to $1 million per day or up to $5 million per month.
Phemex also pays up to 8.5% annual interest for storing cryptocurrencies on the exchange under the program «CryptoEarn».
Last month, ForkLog published an article about the security system and cold wallets of Phemex.