In Lower Manhattan’s financial district lies an eight-block stretch of land, commonly referred to as the epicenter of the world’s economies. They say dreams come true on Wall Street, but not much is said about how much of a nightmare it can be to work there. Financial services are evolving, from swearing brokers screaming at each other across trading floors to silent computers communicating through electronic trading systems. If there’s one place in the world where money talks, it’s Wall Street, but while the New York Stock Exchange manages over $28.5 trillion in assets, so much is still left to be said.
One of the most common Wall Street claims is that history rarely repeats, but regularly rhymes. The inefficiencies of centralized financial systems have been exposed time and time again, causing portfolios and the markets they exist in to crash in glorious fashion. Analysts are constantly studying historical price data and market events, but no amount of study could have prepared Phemex co-founder Jack Tao for what he saw when he joined Morgan Stanley in 2009.
Jack saw the system for what it was — biased against retail investors, and made to favor those with power and influence. From censored trades and inflated fees to private deals with exclusive partners, the traditional financial system wasn’t made to be unfair, but it is.
Phemex is a name that’s derived from two words — ‘Pheme,’ who according to Greek mythology was the God of fame and renown, and known to take the public’s side in debates, and ‘MEX,’ a contraction of ‘mercantile exchange.’ Phemex was founded to create an environment for equal opportunity and fair play in the financial ecosystem, because even though today’s financial systems aren’t perfect, they can be.
Jack’s was primarily focused on reinventing financial services, refreshing the system to give all market participants an equal shot. In his search for a way to carry out his mission, Jack came across blockchain. Diving headfirst into the technology, he started as a Bitcoin miner, creating an account on a well-known exchange to learn what he could about the asset class.
However, he found the same issues he sought to rid the world of. Further, because of loose regulations and technical loopholes, Jack even lost most of his investment after a malfunction occurred on the exchange. According to him, digital assets were supposed to propagate ideals like sovereignty, distributed control, and freedom, but he found these principles only being marketed on the surface. This led to the founding of Phemex.
With the support of eight other ex-Morgan Stanley executives, Jack co-founded Phemex to nudge the world into a decentralized future, developing an ecosystem where money still talked — but in favor of the general public.
Money has always been centrally controlled, and before Bitcoin, this was never really questioned. Bitcoin was the first to prove that a currency could sustain itself without a trusted intermediary, and blockchain is mankind’s solution to a system that’s been manipulated by those we trust for centuries.
In just a couple of years, Phemex has grown from a small family of Wall Street veterans to one of the world’s top-ranked derivatives exchanges in the blockchain industry. Recently, it’s been reporting quarterly trade volumes of over $266 billion, catering to its 1.5 million-strong user-base with a fast trading engine, intuitive UI/UX, and proactive approach to community engagement.
The establishment has reserved financial expertise for itself for far too long, and Phemex is bringing them together to build a genuinely secure and reliable digital asset exchange unlike anything the world has seen before.
Break Through, Break Free
The world of financial services is being overrun by inefficient middlemen, and this globally shared sentiment is what kickstarted the invention of cryptocurrencies. Digital assets like Bitcoin enable any individual to trade without borders, outside the bounds of the traditional financial system.
There’s over $80 trillion worth of assets circulating stock markets worldwide, and with so much capital being managed, it can be hard to see shifting market numbers as anything more than that — numbers. However, there are living, breathing human beings behind every trade.
This month, Phemex is also undergoing a full visual rework to make its exchange interface more intuitive, and give users a better experience. The monetary systems of the world weren’t made to impede some participants and champion others, but they do. Trading is competitive by nature, but it doesn’t have to be partial. Phemex stands for empowering economies by advocating morals of fairness and organic growth, allowing people to make market contribution in their own ways.
Phemex aims to tear down the walls made to serve the privileged few, building a framework where the skilled and ambitious are rewarded, and connections and wealth don’t matter. Investing in digital assets is a risky game, but players will only find adventure if they’re all playing on an equal field. Phemex lets people break through the restricted environment of centralized infrastructures, and gives the space they need to break free into a new paradigm of financial services.