On Creating A Cryptocurrency Trading Platform ($12B Trading Volume Per Day)

Jack Tao
On Creating A Cryptocurrency Trading Platform ($12B Trading Volume Per Day)
Phemex
from Singapore
started November 2021
8
Founders
200
Employees
5.4K
alexa rank
70.3K
followers
365K
followers
59.8K
subs
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My name is Jack Tao, the CEO of Phemex. Previously, I was a veteran executive in traditional finance with over a decade worth of experience building high throughput, low latency, large-scale algorithmic trading platforms. Before co-founding Phemex, I held the position of MSET BXS Global Development VP at Morgan Stanley.

Phemex is the most reliable cryptocurrency and derivatives platform. We offer a variety of crypto spot markets and derivative contracts with up to 100x leverage. Our technology, security, and experience are unparalleled, evident by our impressive growth. With roughly only two years of operations, we’ve become a top ten global exchange with a peak trading volume of over 12 billion USD per day.

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What's your backstory and how did you get into entrepreneurship?

Traditional finance has many inefficiencies, unreasonable fees, and backdoor negotiations that deprive regular users of their ability to achieve true financial freedom. I have witnessed all of these and more firsthand. I was incredibly excited when I first learned about crypto as it seemed to solve all of these challenges. Blockchain networks are essentially accessible to anyone with a computer, transactions are immutable and transparent, and no single party or entity has control over the system. They enable the next evolution of our digital spaces into a more practical and immersive Metaverse. They represent so many new opportunities that my initial motivation was simply to experiment and learn more. I mounted some small mining operations and began testing different exchanges and trading platforms.

My initial foray into crypto resulted in devastating losses. Despite the incredible promise presented by the concept of decentralized currencies, the industry still had a long way to go. The exchange I was using at the time had many technical problems that led to constant downtimes and hacks. There was a lack of standards and trust. By leveraging my financial and technical expertise from years on Wall Street, I set out to find a way to facilitate crypto ideals.

Phemex is the result. It’s an incredibly robust and efficient platform that, despite its partial Wall Street pedigree, serves the singular purpose of helping every single person achieve financial freedom, not just a privileged few.

Many businesses claim to embody the ideals of crypto and blockchain, but the reality is that they’ve simply implemented the same old models, driven by profits and self-interest, to a new space. Our slogan, “Break Through, Break Free” perfectly represents our values and goals as a company. Phemex offers everything needed for a person to break through into a better system where true individual financial sovereignty is not only encouraged, but hardcoded into its foundation. This isn’t an easy task, but we accomplish it by creating products that never deviate from a singular focus on helping users. We deliver advanced trading functionality through a simple interface suitable to users of all levels. We’ve pioneered a zero commission membership model to make trading more transparent and accessible to all. Similarly, we’ve created high interest-earning accounts with Phemex to guarantee our customers high interest returns regardless of market conditions. Only when the available tools and services are designed with equal opportunity in mind can people truly break free into a better financial paradigm.

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on-creating-a-cryptocurrency-trading-platform

on-creating-a-cryptocurrency-trading-platform

How are you doing today and what does the future look like?

Blockchain technology may have been popularized through Bitcoin and cryptocurrencies, but as we’re already witnessing, it has so many more applications. DeFi was the first major evolution in this industry. We went from a simple new currency to facilitating decentralized transactions to now recreating nearly the entire traditional financial system on-chain. The next evolution will see us recreate and invent every imaginable service or operation, not just financial ones.

Whatever you choose to do as an entrepreneur, make sure it's something you truly have faith in. When armed with conviction, no challenge is insurmountable.

I’m also very excited about the recent trends I’ve seen. The Metaverse and NFTs have certainly piqued my interest. The recent explosion of NFT collectibles and art, though perhaps somewhat inflated, is still indicative of a promising future to come. We’re redefining what ownership means and are just barely discovering new applications for on-chain assets. Similarly, the Metaverse features new GameFi, play-to-earn, and wealth distribution mechanisms that may fundamentally revolutionize our activities in the digital realm. And these are just the tip of the iceberg for what’s possible and what’s to come. Phemex has supported Metaverse development by listing assets like AXS, MANA, and ATOM. We will continue to pay close attention to this potent megatrend.

Through starting the business, have you learned anything particularly helpful or advantageous?

The best lesson I’ve learned after embarking on this entrepreneurial journey is the importance of having talented and passionate people around you. Much can be done to advance your goals on an individual level, but some things require help and support. Phemex would not exist today were it not for the amazing partners and team members that have contributed to our growth.

We excel in technology, customer care, and reliability solely because of the individuals that have poured their relentless dedication and superior skills into our products. Of course, finding talent is easier said than done. The reality is that this can be a slow and meticulous process. Patience is key. Time has a way of naturally converging the paths of those that seek the same destination.

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on-creating-a-cryptocurrency-trading-platform

Advice for other entrepreneurs who want to get started or are just starting out?

It’s incredible how easy work can be when one is truly passionate about the product they have or the industry they've chosen to participate in.

At Phemex, every single last member of our team possesses an unwavering belief that blockchain technologies will offer all a better future. Our willingness to dedicate countless hours in our pursuit of such a reality stems from such an initial belief. Whatever you choose to do as an entrepreneur, make sure it's something you truly have faith in. When armed with conviction, no challenge is insurmountable.

Where can we go to learn more?

-  
Jack Tao   Founder of Phemex
Pat Walls,  Founder of Starter Story

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