Phemex Introduces BTC on its Earn Crypto program
Digital assets have gained much-anticipated prominence over the last couple of years. Terms like ‘blockchain’ and ‘cryptocurrency’ have made their way into day-to-day conversations. Once a dismissed niche has now evolved into a full-fledged, robust industry, something that empowers millions of people worldwide.
Blockchain technology has garnered interest and support from some of the most brilliant minds globally, and anyone who understands it well knows that it is just getting started. The world of blockchain technology and digital assets is here to stay, and it is high time we give it the much-needed attention it deserves. As of 2021, the market capitalization of digital assets has crossed $2 trillion. Their demand is only rising as more and more institutional investors and big market players enter the space.
One such prominent player is Phemex, a Singapore-based cryptocurrency exchange platform. It was launched in 2019 with an aim to provide a robust infrastructure for trading digital assets- at par with traditional finance exchanges.
From simple spot market trading to derivative contracts including options, futures, and perpetual swaps, Phemex offers all kinds of investment products to its users. It also has a gold contract, bridging the gap between a physical commodity and a cryptocurrency derivative for the first time ever. With a user base of more than one million globally, it is safe to say that they have successfully pulled off their vision.
Earn Crypto by Phemex
In December last year, Phemex announced the much anticipated launch of Earn Crypto - their asset management service, catering to all types of investors in the digital space. The platform was launched in January this year and is highly lucrative for traders looking to earn attractive interest rates on stablecoins.
To celebrate the launch of their new platform, Phemex recently held a lucky draw contest for the first one thousand participants and offered 500 dollars in trading bonuses to a few users. One lucky winner also got to win a brand new Playstation 5.
On Earn Crypto, users can earn passive income in cryptocurrencies through two means- a Flexible Savings Account and a Fixed Savings Account. The interest earned on deposits is directly proportional to the time for which the funds are locked up. The longer the time duration, the higher the interest rate. Presently, Phemex allows deposits of only up to 1.5 million USDT but intends to expand to more digital assets as well as account types in the future.
As mentioned above, the Earn Crypto platform offers two types of savings accounts currently- Fixed and Flexible. In the Flexible account, depositors can earn 7% APY on a daily basis, while a Fixed account offers an unmatched APY of 10%, which is paid out each week. The daily deposit limit of USDT in the case of flexible accounts is up to 50k, and the fixed account has a minimum deposit limit of 100 USDT.
Bitcoin addition to Earn Crypto
Phemex is now gearing up to introduce BTC deposits on its Earn Crypto platform. For flexible account users, it is offering an interest rate of 2% on BTC and a 4% interest rate for Fixed Account holders.
In addition to this, the fixed account comes with an auto-renewal feature, which means that traders can stake over much more extended periods to arrange continued deposits. The weekly payout adds up to the initial deposits and is compounded next week in such a case. Traders can hold multiple accounts too on Earn Crypto.
Unlike other similar platforms, the interest rates based on the performance of its internal investment strategy on Earn Crypto will never be altered. This will ensure that traders always receive the advertised interest rates.
Hunt for the ‘Pizza Man”
Earlier this year, Phemex also celebrated Bitcoin Pizza Day, marking the first-ever Bitcoin transaction made by a Florida-based programmer Laszlo Hanyecz on 22nd May 2010. Laszlo purchased two pizzas in exchange for 10,000 BTC, a deal which in hindsight looks unfair. He settled the 45 dollar pizza bill for 10,000 BTC, a quantity that is worth $400 million at current prices.
Phemex got on a mission to make this Bitcoin Pizza Day rewarding for the Pizza Guy. They offered him 10,000 BTC and invited him to invest them in Earn Crypto and make about $110,000 worth of profit in a day- only this time, he would get to keep it.
Phemex also launched a Gleam campaign to facilitate this process and offered its community members $10,000 worth of Bitcoins to help get the word to Laszlo. Even though Laszlo couldn’t show up to the event, the members of the Phemex community gained many rewards in the process.
The Earn Crypto platform has been designed in a similar manner, keeping the community in mind. It offers investment solutions of all kinds, offering lucrative interest rates and returns like industry giants like Binance, and the space only seems to be growing in the future.