Not long ago, Bitcoin and several cryptocurrencies were closely associated with the dark web. Cryptocurrencies were viewed as nothing but a medium that facilitates illicit activities.
In just a few years, the entire crypto-verse witnessed a radical transformation and eventually became the talk of the town. Only this time, individuals across the globe were reaping the benefits of Bitcoin. At the time of writing the cryptocurrency market cap stands at a trillion-dollar industry, an array of people have been crowding into it.
The growth of the cryptocurrency industry opened up doors for an array of platforms. crypto exchanges flourished with the market and became a suitable medium for traders and investors. While the crypto-verse is home to hundreds of exchanges, identifying good ones has always been a task. Phemex, one of Singapore’s most prominent cryptocurrency exchanges, made sure to stay on top by keeping up with the ongoing demand in the market.
Phemex’s Earn Crypto program had undoubtedly captured the attention of investors who intended to bag gains. The program was announced back in December 2020, and Phemex launched the initiative in January 2021. The exchange even rolled out a lucky draw contest for its first thousand participants. This contest offered a total of $500 trading bonuses as a prize, and the winner was awarded a brand new PlayStation 5.
Phemex made its debut in November of 2019. At the time of their launch the crypto industry had already harbored several platforms. Despite this, the exchange managed to secure a user base of 1 million under the assistance of its founder Jack Tao who had previously served as the Vice President at Morgan Stanley.
The exchange’s robust and responsive infrastructure put the exchange on a pedestal as the entire process of trading and investing in crypto was made more accessible. The crypto platform currently offers an array of services. This list includes spot trading, derivatives like perpetual swaps, futures, and options. Gold contracts were an addition to its crypto-filled exchange.
In order to spruce things up, the cryptocurrency exchange launched the Earn Crypto program to lure in traders by offering them attractive interest rates on volatile crypto assets and stablecoins. In addition, this program provided two primary services, namely, Flexible Savings Account and a Fixed Savings Account. With these, traders would be able to earn easy income in crypto.
This program was initially explicitly started for stablecoins. While it still supports stablecoins like USDT, the accounts mentioned above had different interest rates to offer. The Flexible Account provides up to 7% APY daily for USDT, while the Fixed Account delivers a 10% APY paid out every week. However, if the funds are stored for longer durations, the exchange automatically offers higher rates. Additionally, the minimum deposit for a Fixed Account is 100 USDT with 1.5 million USDT as the maximum holding limit. 0 to 50,000 USSDT is the daily deposit limit for a Flexible Account.
Earn Crypto Program Onboards Bitcoin
In more recent news, the program revealed that it would soon be including Bitcoin [BTC]. While the Flexible account pays about 2% APY for Bitcoin, the Fixed Accounts offer 4% APY for the world’s largest cryptocurrency.
This addition is scheduled to take place on 7 June 2021, and the exchange affirmed that the interest rates would remain the same as advertised, despite its performance in the future.
Customers will access this or make purchases through Phemex’s native fiat payment gateway that supports investments via Mastercard, VISA, and ApplePay.
Furthermore, the Fixed Account comes with an auto-renewal feature that allows traders to for more extended periods to arrange continued deposits. Here users would be given the privilege of the weekly payout added to the initial deposit and compounded the following week.
The 10% APY that Phemex offers has put the exchange at the top of its game. Apart from this, its Earn Crypto program is surrounded with a lot of enthusiasm, as the exchange does not restrict professional traders from creating several accounts to scatter funds.
Phemex and Bitcoin
Bitcoin entered the financial world back in 2008. While the coin went unnoticed for several years, the zeal around BTC has reached new highs now. BTC has undoubtedly managed to garner a large fan base despite its volatile nature. Phemex has time and again embraced the world’s largest cryptocurrency. The exchange highlighted Bitcoin Pizza Day and even went on to celebrate it.
What’s so special about this? The man behind the Bitcoin Pizza Day, Laszlo Hanyecz, made history after using 10,000 BTC to buy two large Papa John’s pizzas. Bitcoin back then was trading for as little as $41.
Hanyecz‘s move allowed Bitcoin to amass an audience as this helped spread the word. Intending to give back to the programmer, Phemex employed its Earn Crypto program and even created a Gleam campaign for the initiative.
Better late than never. Phemex’s addition of Bitcoin into its Earn Crypto program could undoubtedly bolster the adoption rate of the overall crypto market.