Wall Road is commonly touted because the place the place desires come to life, however the world’s financial epicenter will also be an absolute nightmare. From brokers screaming at one another throughout buying and selling flooring to the fashionable digital buying and selling methods of as we speak, cash talks in Wall Road. Nonetheless, whereas the NYSE homes over $28.5 trillion in property, there’s nonetheless lots left unsaid.
On Wall Road, it’s believed that historical past doesn’t repeat itself, however rhymes. The world’s monetary methods have failed constantly over time, however when Phemex’s founder Jack Tao initially joined Morgan Stanley in 2009, nothing might 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 identify ‘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 methods may be higher, however solely when everybody has an equal footing, and nobody’s views can eclipse the others.
Jack noticed the potential for an entire new world of monetary providers — one the place all the pieces was reset, and everybody was given a combating probability. Throughout his search to determine methods to implement his design, Jack ultimately found blockchain.
His journey started as a Bitcoin miner, becoming a member of a reputed cryptocurrency change to start investing into the know-how. Nonetheless, technical loopholes and poor regulation induced Jack to lose a big a part of his holdings by way of an change malfunction. This was an issue.
In his thoughts, digital property represented the beliefs of decentralized management, monetary freedom, and particular person sovereignty, however these beliefs had been solely being applied on the floor. Phemex’s origin story actually 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 turn out to be saturated inside a choose few, and alternatives might by no means be stifled.
The idea of cash has remained centralized from the beginning. Earlier than Bitcoin, the concept that a foreign money might maintain worth with out a trusted middleman was utterly 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.
Within the final two years alone, Phemex has expanded into one of many top-ranking international derivatives exchanges in 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 Road veterans, Phemex was made to carry monetary providers to the plenty utilizing its intuitive design, lightning-fast buying and selling engine, and optimistic strategy to group suggestions.
With its workforce of consultants in the realm of finance, Phemex is marching in direction of its purpose of being probably the most safe and reliable digital asset change in the world.
Break By, Break Free
The overall sentiment that inefficient middlemen spoil the system catalyzed the start of cryptocurrencies, and blockchain know-how affords individuals the power to commerce with out restrictions. The normal inventory market consists of roughly $80 trillion in property, and with a lot cash on the road, it may be arduous to do not forget that there’s an actual individual concerned behind each shifting market metric.
This month, Phemex can be giving its consumer interface an entire overhaul, together with a full redesign of its visible design so customers can extra simply participate in the continuing blockchain revolution. Opposite to standard perception, the world’s monetary methods weren’t designed to be unfair, however that doesn’t change the truth that they’re.
Buying and selling is basically aggressive, however that doesn’t imply the competitors can’t be unbiased. Phemex needs to energy an economic system fueled by freedom, equal alternative, and natural progress by permitting its customers to make significant market contributions on their very own phrases.
By eradicating boundaries created by exclusivity or privilege, Phemex affords 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 by way of the obstacles shaped by the world’s conventional monetary ecosystems. Carve your personal path, and break away with Phemex.
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