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Phemex Is Adding Bitcoin Offering to Its Earn Crypto Product

The digital asset industry has gone on a blistering rally over the last year. The once-obscure technology has now seeped into regular dinnertime conversation among the young and the old alike.

Cryptocurrencies have come a long way, from being known as havens for criminals and money launderers to paving the way for the democratization of finance. Today, “Blockchain” and “Bitcoin” tops the list of social discourse. Beyond the buzz, however, the financial industry has transformed into a robust and respected realm. 

To put numbers into perspective, the total valuation of the collective crypto market reached a whopping $2 trillion market cap this year. Hence, it can be stated that blockchain technology has emerged as, perhaps, even more, disruptive to the banking and investment sector than any other groundbreaking advancement in recent times. The concept of money is constantly evolving. Thanks to some of the most brilliant minds, the cryptocurrency industry has carved a niche to become a unique instrument in the investing world. It does not only share characteristics of traditional currencies but also acts as a more sophisticated financial product.

Enter Phemex

There is a need to cater to the rising demand. Therefore, Phemex, Singapore’s most popular cryptocurrency exchange, announced its Earn Crypto program

in December 2020. This program is essentially a cryptocurrency asset management service that aims to accommodate all kinds of investors in the digital assets space. Rolled out on the 18th of January this year, the Earn Crypto program sprung up as a highly lucrative opportunity for traders looking to earn attractive interest rates on stablecoins.

Phemex’s Ambitious Earn Crypto Program

The main objective behind Phemex’s launch in late 2019 was to offer its users a flexible and robust infrastructure to trade digital assets. Its team of experts consists of former Morgan Stanley veterans. The platform also boasts a solid user base of more than a million.

Phemex caters to all types of investment products. In addition to the basic spot market trading, it also offers trading services for derivatives contracts such as options, futures, and perpetual swaps for its users. Moreover, the exchange also facilitates offerings such as gold contracts.

Hence, Phemex had conducted a lucky draw contest of the first thousand participants to celebrate the launch of the Earn Crypto platform. The platform offered $500 in trading bonuses in addition to a new PlayStation 5 to one lucky winner.

This competition enabled market participants to earn attractive interest rates on stablecoins as well as crypto-assets. The two methods that Phemex has unveiled for its users are – Flexible Savings Account and a Fixed Savings Account.

While Flexible Savings Account offers 7% APY on a daily basis, Fixed Account, on the other hand, provides 10% APY on a weekly basis.

The minimum deposit required for a fixed account is 100 USDT. It also features an auto-renewal system that helps traders stake over more extended time frames to set up back-to-back deposits. One of the significant value propositions of a fixed account is that the weekly payout is incorporated into the initial deposit, which then gets compounded the following week.

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Phemex distinguishes itself from its rivals based on transparency and upholds the security of assets offered on the exchange. All this is done by leveraging the real-time monitoring systems, third-party audits, and other tools that contribute to a professional risk control ecosystem.

Phemex traders can open multiple accounts to distribute funds. The cryptocurrency platform also does not plan to modify the interest rates on Earn Crypto on the grounds of the performance of its internal investment strategy. These factors give Phemex an edge over its peers since traders always receive the advertised interest.

Bitcoin support on Earn Crypto

Earn Crypto platform first started as a stablecoin-focused service. However, Phemex is now all set to add support for Bitcoin [BTC] on the 7th of June, 2021. The latest move is a part of its expansion plans to foster different kinds of assets, irrespective of volatility.

Here, the Flexible Account offers 2% APY for Bitcoin. The Fixed Account, on the other hand, offers 4% APY on the cryptocurrency. Besides, Phemex allows its users to buy assets directly through its fiat payment gateway on the Earn Crypto platform. These purchases can be made via VISA, Mastercard, and even ApplePay, etc.

With these unique offerings, both in Tether and Bitcoin, Phemex has managed to cut above its rivals and is way ahead of its game.

Phemex now joins the likes of industry behemoths such as Binance in leading the wave of financial democratization by offering incredibly profitable interest rates on crypto deposits for its users while keeping in mind the security and safety of the funds.

Tribute to the Bitcoin Pizza Guy

The exchange had recently announced its plans to commemorate Bitcoin Pizza Day that marked its 11th anniversary on the 22nd of May this year. For the uninitiated, it all started when a Florida-based computer programmer and one of the early adopters of the then newfangled Bitcoin, Laszlo Hanyecz, bought two large pizzas for 10,000 BTC. The rest is history. A decade ago, the value of the entire transaction cost him $41. Today, however, the asset spent on the two pizzas would be close to a massive

$400 million.

Its significance lies in the fact that the two overpriced [even at that time] pizzas initiated a conversation about Bitcoin. Although he must have lost out on his potential fortunes, the transactions demonstrated something more substantial – his contribution to the Bitcoin ecosystem in more ways than one. Hence, to pay tribute to one and only Laszlo and celebrate the first-ever real-world transaction with the cryptocurrency, Phemex devised a plan to offer him another chance to spend his 10,000 BTC. But this time, he would make a good profit.

The exchange also launched a Gleam campaign within its community to help spread the word to amplify the news. 

While Phemex couldn’t find the beloved Bitcoin Pizza Guy, the platform awarded $10,000 worth of crypto to 8 lucky winners.

James Woods

Tech Geek and avid developer.

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James Woods
Tags: phemex

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