Phemex Is Fighting the World’s Financial Systems — and Succeeding
They say Wall Street is where dreams come to life, but even the world’s economic focal point can be an absolute nightmare to work at. From expletives being screamed by brokers across trading floors to the quiet but powerful electronic trading systems of today, Wall Street embodies the culture that money talks about. However, even though the New York Stock Exchange is host to assets worth $28.5 trillion, so much is still left unstated.
According to Wall Street, history doesn’t repeat itself, but instead rhymes. The world’s financial systems have failed consistently across time, but it’s all we have to work with. At least, that’s what Jack Tao, Phemex’s founder, thought when he joined Morgan Stanley back in 2009. However, nothing could have prepared him for how heavily retail investors were restricted in the big leagues. From freezing trades and exorbitant fees to insider information and exclusive deals, Jack saw the financial system for what it was — a system partial to those with wealth and influence.
The name ‘Phemex’ derives its meaning from two words — the name of the Greek God of fame, ‘Pheme,’ who was known to always champion public opinion, and ‘MEX’ — an abbreviation of mercantile exchange. Phemex envisions a world of better finance, where no one can be suppressed, and everyone can succeed.
Jack wanted to build an entirely novel set of financial services and rest the system so everyone had an equal footing. In his attempts to create an environment where he could implement his design, Jack eventually found blockchain.
Bitcoin mining was his entry into the world of cryptocurrencies, and he even joined a reputable exchange to invest in the industry’s products. However, technicalities, loopholes, and a lack of sound regulation caused him to lose a large part of his holdings due to a system malfunction. He’d run into his first obstacle.
In Jack’s mind, digital assets symbolized individual sovereignty, decentralized control, and financial freedom, but he saw that these principles were only being implemented on the surface. This is how Phemex came to be.
Along with eight other executives from Morgan Stanley, Phemex was co-founded by Jack in 2019 with the objective of enabling an economy charged by distributed ledger technology. An environment where power was never concentrated within a mere handful, and opportunities never stifled to favour the more wealthy and well-connected.
Centralization has always been the default route when it comes to money. Before Bitcoin, hardly anyone could even conceive a sustainable currency that involved no trusted intermediaries. Globally, blockchain is our civilization’s response to the capital management inefficiencies of current centralized institutions, allowing for permissionless transactions, distributed control, and borderless, trustless trade.
Over the last couple of years, Phemex has matured into one of the world’s most reputed cryptocurrency derivatives exchanges, boasting over 1.5 million active traders, and over $266 billion in quarterly trade volumes.
Created from scratch by Wall Street veterans, Phemex strives to bring digital assets and decentralized finance to a more mainstream audience using its intuitive design, blazing-fast trade engine, and consistent interactions with its community. With its expert team, Phemex marches forward on its trajectory of building the most dependable, secure digital asset exchange platform worldwide.
Break Through, Break Free
The birth of cryptocurrencies was catalyzed by the general sentiment that Inefficient middlemen are breaking the system, and digital assets give people the power to transact without these limitations. The world’s stock markets are home to over $80 trillion in assets, and with so much money in circulation, it’s difficult to remember that every market metric involves real human beings.
This month, Phemex is giving its user interface a complete overhaul, including a visual design revamp.
Moreover, by nature, trading is extremely competitive, but that doesn’t mean it can’t be fair. Phemex aims to empower economies fueled by equal opportunity, organic growth, and freedom.
By breaking down the barriers formed from exclusivity and privilege, Phemex affords users an environment where winning is decided based on trading knowledge and forward-thinking ability — not capital, heritage, or industry connections. Investing in cryptocurrencies can be incredibly risky, but there’s adventure in breaking down traditional systems to match the rate of technological advancement. Phemex strives to give people the opportunity to break through the walls of Wall Street, carve their own path, and break free from the shackles of the establishment.