Exclusive Interview with Jack Tao, CEO of Phemex: Leaving an Impression on the Thriving Exchange Market
The year 2017 marked a significant turning point for the cryptocurrency industry. It was during this time that digital assets transcended their cypherpunk origins and began to attract the attention of mainstream users. Jack Tao, a former Wall Street trading systems developer, was one of those users who embraced cryptocurrencies. In November 2019, Tao went on to establish Phemex, a cryptocurrency and futures trading platform.
Since its launch, Phemex has experienced rapid growth. The platform now offers over a dozen spot trading pairs and enables users to trade perpetual swap contracts with various cryptocurrencies, including DeFi tokens and even gold. Phemex has also partnered with fiat gateways like Simplex to simplify the process of onboarding new users and has integrated with TradingView.
Coinfomania recently interviewed Jack Tao to learn more about his journey into the world of crypto and his thoughts on recent developments within the industry.
When asked why he left traditional finance to enter the crypto space, Tao revealed that in 2017, he was already working as an algorithmic developer at Morgan Stanley, a prominent Wall Street bank. Intrigued by the growing excitement surrounding Bitcoin and digital currencies, Tao decided to explore the field further. After reading the Bitcoin white paper, he became a convert to crypto. With his background in quant trading and software development, Tao saw a natural alignment between his skills and the digital asset space.
However, Tao also noticed some significant flaws in the cryptocurrency sector due to his Wall Street background. He found that the level of professionalism and seamless experience he was accustomed to in traditional finance was lacking in crypto trading. Tao identified issues such as poor customer service, underperforming systems, lack of trustworthiness, and inadequate security.
To address these flaws, Tao founded Phemex, aiming to establish the most trustworthy cryptocurrency and derivatives trading platform. Alongside his co-founders, Tao moved to Asia in July 2019 to focus on the success of Phemex.
When asked about the most exciting developments at Phemex, Tao emphasized that running a cryptocurrency exchange is always dynamic and innovative due to the ever-changing markets. He highlighted the ongoing trading competition at Phemex, which features the most generous prize pool in the crypto space, with a total of 100 BTC (over $1 million) up for grabs. Participants only need a minimum of 0.02 BTC to join, and there are additional benefits such as cash bonuses and reduced trading fees. Tao encouraged traders to register before the competition ends on October 23 for a chance to win.
Apart from the trading competition, Tao discussed the attractive benefits for traders on Phemex. He mentioned the professional platform with a fast engine and the assurance of compliance as key advantages. However, Tao highlighted the opportunity for users to trade on Phemex’s spot market with zero fees by becoming Premium Members. With an annual membership fee of $69.99 (just $0.19 per day), even part-time traders can quickly offset the cost of their membership compared to the typical taker fees of 0.15% on other platforms.
As for the rise of DeFi in the crypto industry, Tao believes that both decentralized finance (DeFi) and centralized finance (CeFi) can coexist harmoniously. He pointed out that Phemex traders can gain exposure to popular DeFi tokens like COMP and YFI by trading perpetual contracts on the platform. However, Tao advised caution and emphasized the need for due diligence when participating in DeFi projects. He acknowledged the potential for innovation in the DeFi space but noted the signs of a possible bubble.
When asked about price predictions, Tao took a balanced approach, stating that he refrains from making specific forecasts. As the CEO of a crypto exchange, he understands the volatility of the market and prefers not to assign a specific price target. Tao mentioned that like many others in the industry, he tends to have a bullish outlook but refrains from putting a number on it.
In conclusion, Jack Tao’s journey from Wall Street to the crypto world led him to establish Phemex, a platform that aims to address the flaws in the cryptocurrency trading sector. With its rapid growth, attractive benefits, and ongoing trading competition, Phemex is positioning itself as a trustworthy and professional platform in the ever-evolving crypto industry.
