Wall Street, a stretch of land eight blocks long In Lower Manhattan’s financial district, is often thought of as the world’s economic epicenter, where people go to make their dreams come true.
However, without working there, it’s impossible to know just how much of a nightmare it can seem like. The world of financial services is evolving, from screams across trading floors to the silence of electronic trading systems, and if there’s one place where money talks, it’s Wall Street. Although, despite the NYSE handling over $28.5 trillion in circulating assets, so much is still left untold.
Most people on Wall Street will tell you that history doesn’t repeat itself, but it rhymes. Centralized financial services have had their inefficient systems exposed periodically, and this has caused markets and the portfolios of its participants to crash spectacularly.
Investors are constantly learning from historical price information and market events, but nothing could have prepared Jack for what he learned after joining Morgan Stanley over a decade ago.
Jack Tao, the co-founder of Phemex exchange, saw a system that was horribly biased against retail investors. From blocking trades to making exclusive deals with private groups, Jack saw how deep-routed Wall Street’s infrastructure was to favoring the powerful and affluent.
Traditional financial services weren’t designed to be biased, but they are. The Greek God of fame and renown, ‘Pheme,’ was known to stand by the views of the public, and this is where Phemex gets its name from, coupled with ‘MEX’ (a contraction of ‘mercantile exchange.’) Together, Phemex stands for an environment that champions fairness and equality in financial ecosystems because even though finance isn’t perfect today, it can be one day.
Jack wanted to reinvent financial services, creating a system from scratch which gave all market participants an equal chance at success. While searching for a means to realize his vision, he found blockchain and dove in headfirst.
Starting his journey mining Bitcoin, he registered an account on a popular cryptocurrency exchange to learn more about the asset class. However, he soon found the same deep-seated issues translated over to the blockchain arena. Additionally, due to poor regulation and corporate loopholes, Jack lost most of his investment after an exchange malfunction took place. He remembered thinking that this was how most people dealing with financial services felt all the time.
However, this only invigorated him further. Digital assets were supposed to represent freedom, decentralization, and economic independence. If these ideals were only being made present on the surface, then he was going to be the change he wanted to see. This is the story of Phemex.
Along with eight other prior executives from Morgan Stanley, Jack co-founded Phemex to encourage the world into decentralizing its economies, developing a place for money to talk, but where it wasn’t all that spoke.
Historically, across the globe, monetary systems have always been overseen by a centralized authority. Bitcoin was the first of its kind — a currency that didn’t need a trusted intermediary, and its reasons for sparking a revolution go far beyond trading and profits. Blockchain is a decade-old solution to a problem mankind has been attempting to solve for millennia — removing the middleman.
Though trusted intermediaries will soon be a thing of the past, today, having an intermediary you can trust is just as important. In just 2 years, Phemex has expanded its reach to a 1.5 million-strong user base, posting quarterly trade volumes worth over $266 billion. It sees customers not as people they can exploit but as people they can serve. With its blazing-fast trading engine, intuitive user interface, and positive community engagement initiatives, Phemex is on an exponential growth trajectory.
The establishment has had a claim on financial expertise for far too long, and with Phemex and its team of Wall Street vets, is building a cryptocurrency exchange for the people.
Break Through, Break Free
Inefficient middlemen are taking over the world of financial services, and sentiment that’s shared globally is what catalyzed the creation of digital assets in the first place. Cryptocurrencies like Bitcoin allow any person to transact without borders, breaking down the walls created by the traditional financial system.
With assets worth more than $80 trillion circulating stock markets all over the world, it can be challenging to view the markets as anything more than shifting numbers. Still, this approach is detrimental in the long term because there are actual people behind every single trade.
This October, Phemex is also pushing a full rework of its visual design to make its interface more intuitive to users and offer a better experience. The world’s monetary systems weren’t made to step on some people’s toes and roll out a red carpet for others, but they do. By nature, trading is competitive, but that doesn’t mean it should be unbalanced. Phemex stands for charging economies with principles of organic growth and fairness, letting people make contributions to markets however they see fit.