The year 2017 marked a significant turning point for cryptocurrency. It was during this time that digital assets expanded their reach beyond the cypherpunk community and caught the attention of mainstream users. Jack Tao, one of those users, went on to establish Phemex, a cryptocurrency and futures trading platform that was launched in November 2019.
Since its inception, Phemex has experienced rapid growth. The exchange has listed over a dozen spot trading pairs and provides the opportunity to trade perpetual swap contracts for various cryptocurrencies, including DeFi tokens and gold. Phemex has also partnered with fiat gateways like Simplex to facilitate the onboarding of new users and has integrated with TradingView.
Coinfomania recently had the opportunity to interview Jack Tao, a former Wall Street trading systems developer, to gain insight into his journey into the world of crypto and his thoughts on recent developments in the industry.
When asked about his decision to leave traditional finance for the crypto space, Tao explained that in 2017, after nine years of working as an algorithmic developer at Morgan Stanley, he became intrigued by the excitement surrounding Bitcoin and digital currencies. After reading the Bitcoin white paper, Tao became a convert to crypto, as it aligned with his background in quant trading and his interest in software development.
However, Tao also noticed several flaws in the cryptocurrency sector, which he attributed to his experience in traditional finance. He highlighted issues such as poor customer service, underperforming systems, lack of trustworthiness, and inadequate security.
In founding Phemex, Tao aimed to address these gaps in the market. The company’s vision is to become the most trustworthy cryptocurrency and derivatives trading platform, offering the same level of professionalism found in traditional financial services. Tao and his co-founders began developing the exchange’s infrastructure, and Tao relocated from New York to Asia in July 2019 to focus on making Phemex a success.
When asked about the most exciting things happening at Phemex currently, Tao mentioned the ongoing trading competition, which offers a generous prize pool of 100 BTC (over $1 million). Participants only need a minimum of 0.02 BTC to join and have the chance to win cash bonuses and a 10% discount on trading fees. Tao encouraged traders to sign up before the registration deadline on October 23rd.
Apart from the trading competition, Tao emphasized the benefits of trading on Phemex, such as a professional platform with a fast engine and the assurance of compliance with regulations. He also highlighted the opportunity for traders to enjoy zero fees on the spot market by becoming Premium Members of the platform. With an annual membership fee of $69.99, even part-time traders can quickly recoup the cost of their membership compared to the typical fees on other platforms.
Regarding the rise of DeFi in the crypto industry, Tao believes that there is room for both decentralized finance (DeFi) and centralized finance (CeFi) to coexist peacefully. He mentioned that Phemex traders can gain exposure to popular DeFi tokens by trading perpetual contracts on the platform. However, he advised caution and emphasized the need for thorough research before investing in DeFi projects.
In conclusion, Tao stated that he does not make price predictions, taking a balanced approach as the CEO of a crypto exchange. While he tends to be bullish like many others in the industry, he refrains from putting a specific number on it. This approach reflects Tao’s background in Wall Street and his understanding of the unpredictable nature of cryptocurrency markets.
Overall, Tao’s journey from Wall Street to the crypto world and his commitment to addressing the flaws in the industry through Phemex demonstrate his dedication to creating a trustworthy and professional trading platform for cryptocurrency and derivatives.
