Phemex

Phemex adds support for Bitcoin in its Earn Crypto program

Cryptocurrencies, particularly Bitcoin, have put the industry on a pedestal. While the world was battling a deadly pandemic, Bitcoin emerged as a significant currency. 

The lack of human touch paved the way for digitalization. 2021 proved to be an even greater year for the world’s largest cryptocurrency as it recorded a five-fold increase. Soon after Bitcoin began recording a parabolic growth, institutional investors across the globe flocked into the crypto market. 

The increased demand for cryptocurrencies further insinuated the advancement and expansion of crypto platforms and exchanges. Several exchanges began ramping up their services soon after the fervor around crypto soared. Foreseeing the capabilities of cryptocurrencies in both price change and popularity, a prominent Singapore-based cryptocurrency exchange, Phemex, decided to roll out its Earn Crypto program

Launched in November 2019, Phemex has managed to garner the attention of numerous crypto traders. The founder of the exchange, Jack Tao, had previously served as a vice president at Morgan Stanley and has secured a user base of a whopping 1 million. 

Despite being relatively new to the crypto game, the exchange seems to have succeeded in luring in customers with its responsive and robust infrastructure that has streamlined the entire process of trading cryptocurrencies. 

Additionally, Phemex offers much more than spot market trading services. The crypto exchange provides its users an array of services that include derivatives like futures, perpetual swaps, and options. The platform isn’t limited to just crypto, as it delivers a contract for gold as well. 

Earn Crypto Program 

The Earn Crypto program was announced in December last year and made its debut on 18 January 2021. Furthermore, to celebrate the launch of Earn crypto, the crypto exchange laid out a lucky draw contest offering $500 trading bonuses along with a PlayStation 5 to one winner. However, this was limited to the first thousand participants only. 

Phemex rolled out the program to cater crypto asset management services to an array of investors. Phemex reportedly formulated this program for traders keen on earning attractive interest rates on stablecoins and cryptocurrencies. A Flexible Savings Account and a Fixed Savings Account were the two ways users could earn income in crypto. 

While the Flexible account offers up to 7% APY daily, the Fixed account renders a 10% APY paid out every week. The interest on both these accounts is bound to vary with respect to the duration they are locked up. But the fixed account entails an auto-renewal feature that enables traders to stake for longer periods to arrange continued deposits. 

This would mean that the weekly payout would be added to the initial deposit and compounded the following week. However, the Fixed account has a minimum deposit of 100 USDT, and the daily deposit limit for a Flexible account is 0 to 50,000 USDT. 

Additionally, the maximum holding limit for a Fixed account is 1.5 million USDT. The exchange also boasts of being transparent and upholding the security of the assets that the platform harbors. This list also includes several professional risk control mechanisms as well as third-party audits. 

Bitcoin Joins The Earn Crypto Program

The Earn Crypto program started out keeping in mind stablecoins. However, Phemex has decided to expand its services. Bitcoin is the latest addition to the program. The exchange is all set to add support for BTC starting from 7 June 2021. Once again, the platform revealed that the Flexible account pays about 2% APY for Bitcoin and the Fixed accounts offer 4% APY for the world’s first cryptocurrency. 

The exchange affirmed that its Earn Crypto interest rates would be untethered despite its performance in the future. Alongside this, the platform has no rules that limit more prominent traders from opening multiple accounts to scatter funds. Further, the exchange is far ahead in the crypto game as it offers about 10% APY. 

Furthermore, users would be able to buy these assets through the exchange’s very own fiat payment gateway. This allows customers to make direct purchases through VISA, ApplePay, and Mastercard on the Earn Crypto platform. 

This isn’t the first time that the exchange has embraced Bitcoin. Previously, the platform expressed its interest in celebrating the famous Bitcoin Pizza Day. The history behind this day is closely related to Laszlo Hanyecz, a programmer from Jacksonville, Florida. Hanyecz went on to spend around 10,000 BTC on two large Papa John’s pizzas when the price of Bitcoin was trading at around $41.

Phemex intended to give back to Hanyecz with its Earn Crypto program for playing a role in spreading the word about Bitcoin. The exchange went on to roll out a Gleam captain for the same. Even though they couldn’t find Laszlo, the exchange awarded 8 winners with $10k worth of Bitcoin.

While the adoption of crypto, particularly Bitcoin, is way past its infancy, Phemex’s latest program could help investors garner lucrative interest rates. This would bring in more individuals into the market and make room for the growth of the overall crypto market.