Phemex Business Development Director of Global Markets, Federico Variola, spoke at the Paris Blockchain Week Summit that took place on April 13th and 14th, 2022.
This event featured:
- More than 3000 attendees, 70 sponsors, 250 speakers and 100 media partners
- Participants were able to find crypto experts and partners for further business development
- Participants were able to establish business cooperation with the largest platforms
Federico Variola spoke about the new narratives of the Metaverse in the growing presence of traditional companies such as Meta/Facebook, Nike, JP Morgan, Microsoft. As well as gaming in projects such as Axie Infinity, Yield Guide Games, with traditional gaming platforms like Ubisoft investing in blockchain gaming and FTX ventures. Furthermore, many prominent crypto projects building out infrastructure for Web 3, such as Filecoin (storage), Helium (IoT), Ocean Protocol (data management), Monero (privacy) are all gaining wide attention across crypto space.
Federico discussed the emergence of Defi Summer from 2020 to today. He mentioned the growing popularity of DEXes. In fact, Uniswap, Curve, L1 Ethereum competitors such as Solana, Binance SmartChain Avalanche, and Terra are starting to take share from Ethereum by focusing on speed and scalability. Thus, exchanges must also adapt and potentially take part in this competition by aligning themselves with innovative new projects to sustain long term growth.
He mentioned the crypto space growth is also exacerbated by the virtual economy that is enabled through digital currencies and NFTs. Popular NFTs such as Cryptopunks, BAYC (ApeCoin) are attracting crypto enthusiasts globally and OpenSea is achieving over $20 billion in trading volume. Even social media channels such as Instagram and Twitter are potentially developing NFT integration.
Variola noted that Phemex supports Metaverse development in various ways, including listing relevant coins and holding engaging user events and campaigns. Founded in 2019, Phemex aims to bring a greater degree of professionalism and efficiency to a fast-growing but still immature industry. The main goal of the platform is security, speed, convenience, low fees, and giving users access to a variety of crypto pairs. Phemex has aided the growth of the Metaverse by listing assets such as AXS, MANA, YGG, SAND, SLP and many more to come. Phemex will continue to keep a careful eye on this powerful trend.
In conclusion, Fedrico noted that the landscape for exchanges is more complex than ever before. The crypto industry is expanding rapidly, and exchanges must be very present and nimble in adapting to the new market. Exchanges must carefully consider which segments of the industry they see highest potential in, then move quickly to align themselves.
About Paris Blockchain Week Summit
The Paris Blockchain Week Summit is a global event of keynotes, panels, conferences, workshops, hackathon and parties. It connects global blockchain enthusiasts and technology players in this space including emerging startups – with regional businesses, government authorities, IT leaders, tech entrepreneurs, investors, and blockchain developers.
Launched in 2019, Phemex is a Singapore-based cryptocurrency and derivatives trading platform led by former Morgan Stanley executives. Serving around 2 million active users in over 200 countries, Phemex supports 39+ contract trading pairs with up to 100x leverage and 200+ spot trading pairs, making it easy and efficient to trade and buy cryptocurrency. It was also the first major exchange to pioneer an optional premium membership model for zero spot trading fees.
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