fbpx
Connect with us

Ethereum

Phemex Offers Industry-leading VIP Program and Gains Approval for Global Expansion

Published

on

Phemex Offers Industry-leading VIP Program and Gains Approval for Global Expansion

The costs associated with trading cryptocurrencies can quickly add up to a significant sum. There are occasions when the fees are so expensive that they consume a substantial portion of a trader’s revenues. Especially for traders with high volume, trading fees can add up quickly. When selecting a cryptocurrency exchange, it is essential to consider several factors, including the types of assets it deals with, the fees it levies, the payment methods it acknowledges, and the type of VIP programs.Traders interested in buying or selling cryptocurrencies should seek a reliable exchange with all the mentioned perks to enjoy a profitable journey.

Phemex is a top Singaporean exchange for purchasing and selling various cryptocurrencies. The platform offers one of the most cost effective trading fees across the entire industry and enables all its customers to potentially earn substantial gains on each transaction they execute. 

SimpleFX

SimpleFX

Phemex has also expanded its global presence by attracting users from 200+ countries and recently obtaining the crypto wallet and crypto exchange license in Lithuania. The exchange can now officially conduct business in Lithuania as a legal Virtual Currency Exchange Operator and Depository Virtual Currency Wallet Operator, allowing it to offer crypto products and wallet services to users in that region. Moreover, the exchange also obtained regulatory approval in regions such as Canada and Turkey. Phemex is now approved for operations in Turkey,  Lithuania and 48 states in the U.S. By contributing to the thriving blockchain ecosystem in these countries, Phemex welcomes users from these areas to enjoy trading on its platform. 

Most Optimal VIP Programs for Traders

The platform just recently reduced its contract trading fees to 0.06% for market takers and 0.01% for market makers. While announcing the trading fee adjustment, Phemex also announced a new VIP program to lower trading fees for high-volume traders. For traders who are trading large volumes, they can enjoy as low as 0.0325% contract taker fees and no maker fees at all.  At the same time, spot traders can also enjoy as low as  0.0000% spot maker fee and 0.0400%% spot taker fee.

Phemex strongly values its customers and has integrated both spot and contract VIP programs to form one seamless experience that bestows hefty discounts. When comparing the Phemex VIP program to other exchanges, Phemex definitely stands out as the most optimal option. For instance, the VIP membership with FTX Tier 3 requires users to have over 5 million in trading volume for a maker/taker fee of 0.01%/0.055%. On the other hand, 5 million-15 million is only Tier 2 in the Phemex VIP program, yet Phemex is already offering a lower maker/taker fee of 0.004$/0.050%. One important thing to note is that exchanges like Bybit, Binance and FTX require users to hold their own tokens such as BIT, BNB or FTT to receive exclusive VIP benefits on their exchanges. Phemex however, does not have this requirement for users to hold specific tokens in order to receive VIP benefits. This is a great opportunity for users to not only get more benefits, but also enjoy less restrictions in the Phemex VIP program.

Of course, that’s not all. As mentioned above, Phemex merged both contract and spot VIP Programs together. This means that a VIP level 5 spot trader can also receive all the benefits of a VIP level 5 contract trader and vice versa. Phemex will not require users to fulfill the obligations of both Spot and Contract, so only reaching the relevant level for one is enough to receive the same level benefit for the other. Furthermore, Phemex is offering a great welcome promotion where day traders from other exchanges can easily submit proof of their trading history to instantly qualify for their corresponding VIP level+1 on Phemex for 30 days.

Phemex is dedicated to providing the most efficient and beneficial VIP program in the industry. Users who are VIP level 4 or above can also enjoy withdrawal quickpass and have a 1-on-1 VIP account manager dedicated to all their needs. With the new VIP program, users who qualify will be able to get various rewards, discounts and merchandise from Phemex.

What Makes Phemex Stand Apart From Other Exchanges?

Serving around 5 million active users in over 200 countries, Phemex supports 141+ contract trading pairs with up to 100x leverage and 293+ spot trading pairs, making it easy and efficient to trade and buy cryptocurrency. Phemex is founded on the values of honesty, integrity, and trustworthiness. Phemex is the ideal solution for your crypto-financial needs, with a great vision, a devoted team, and a genuine interest in the interests of its consumers.

Phemex deserves praise as an exchange with some of the lowest costs compared to other options. In addition, Phemex also offers many other fantastic features that make it the premier exchange for both new and experienced traders. These perks include a user interface that is intuitive and simple to use; sophisticated trading instruments like margin trading and futures contracts; and customer support provided by a team of professionals—24 hours a day, 7 days a week. 

Go to Source

Ethereum

Indian Crypto Exchange WazirX Lays Off 40% Of Its Staff Citing The Ongoing Crypto Winter: Report 

Published

on

Indian Crypto Exchange WazirX Lays Off 40% Of Its Staff Citing The Ongoing Crypto Winter: Report 
  • Indian cryptocurrency exchange WazirX has reportedly laid off 40% of its staff, Coindesk report adds
  • In a statement shared with the crypto news outlet, the exchange cites the prolonged crypto winter as its reason for slashing its workforce by 40%. 

Per a Coindesk report, Indian cryptocurrency exchange WazirX has slashed its workforce by 40%, citing the ongoing crypto market phase. 

WazirX Cuts 40% of Its Workforce

In a statement shared with Coindesk, WazirX, one of the leading cryptocurrency exchanges in India, has decided to lay off 40% of its staff, citing extreme crypto winter conditions. The company has reportedly laid off 50–70 people, three people familiar with the matter told Coindesk.

SimpleFX

SimpleFX

The statement later adds that these employees will be paid for additional 45 days, and after that, the workers are not expected to attend the company anymore.

WazirX, which is dubbed as one of the leading cryptocurrency exchanges in India, has cited the prolonged crypto winter as its primary reason, leading the firm to slash its workforce by almost 40%.

“The crypto market has been in the grip of a bear market because of the current global economic slowdown. The Indian crypto industry has had its unique problems concerning taxes, regulations, and banking access. This has led to a dramatic fall in volumes on all Indian crypto exchanges. ” The statement reportedly added

The firm further stated that it prioritises consumer protection and its decision to lay off 40% of its staff has been taken to “weather the ongoing crypto winter phase.”

“As India’s No. 1 exchange, our priority is to be financially stable and to continue serving our customers,” the company said. To achieve this, we’ve had to reduce our staff to weather the crypto winter. This situation is similar to the trying times the industry faced in 2018. At that time, we doubled down and built our innovative P2P engine. The crypto industry operates in cycles, and the bear market is inevitably followed by a spectacular bull market. We will continue to focus on our customers’ needs and continue to build. “We are confident that we will come out stronger when the bull market arrives,” the statement later adds

With WazirX slashing its workforce by 40%, the firm has joined the growing league of cryptocurrency exchanges that have recently decided to lay off their employees to stay afloat during the ongoing crypto winter phase. Crypto exchange Coinbase had earlier cut back on its workforce, citing the prolonged crypto winter. Similarly, exchanges like Bybit, Gemini, BitPanda, BlockFi, and Robinhood have also slashed their workforce to sustain the ongoing bearish crypto market phase.

Image: WazirX/Twitter

Go to Source

Continue Reading

Ethereum

Cardano’s Founder Charles Hoskinson Picks On Solana’s Recent Network Outage On Twitter

Published

on

Cardano’s Founder Charles Hoskinson Picks On Solana’s Recent Network Outage On Twitter
  • Cardano founder Charles Hoskinson was seen making fun of Solana’s recent network outage.
  • Solana went through another crypto network meltdown today, leading Hoskinson to mock its recent network performance.

The founder of Cardano cryptocurrency, Charles Hoskinson, took to Twitter to share a funny crypto meme that mocked Solana’s recent network outage.

Charles Hoskinson Trolls Solana’s Recent Network Outage

Solana, dubbed as a potential Ethereum killer, experienced another network outage today that ended up disrupting the network’s day-to-day transactional output. The blockchain took to Twitter to announce that its developers are currently examining the potential causes of the outage, leading the crypto community to share an array of opinions on Solana’s frequent network upheavals.

SimpleFX

SimpleFX

Charles Hoskinson, the founder of Cardano cryptocurrency, was also noted mocking Solana’s recent network outage. The ADA founder retweeted Solana’s network disruption tweet by sharing a crypto meme, picking on the chain’s constant network meltdowns.

Hoskinson’s tweet was met with a hint of criticism on crypto Twitter. Several users were quick to point out Hoskinson’s habit of making fun of other blockchain platforms. Some of the users also urged the Cardano founder to stop picking on other blockchain platforms when they encounter occasional network issues.

What did you get from mocking other chains?

— Aduck (@nonkatian) October 1, 2022

Charles you often speak about other crypto leaders attacking you on cardano and how we should work together ,so first step is not pick on crypto platforms when they go down as everybody is building stuff like you and others.This is not the right way for leader to behave.

— Manish Shukla (@maanav6427) October 1, 2022

Solana Encounters Another Network Outage Today

Solana experienced another network outage today, resulting in the blockchain’s disrupted transactional volume. The Solana team took to Twitter to announce the network outage issue, adding that the blockchain is temporarily unable to process transactions.

This isn’t the first time Solana has experienced significant network downtime issues. The blockchain has reported multiple network outages throughout 2022, leading investors to question the blockchain’s structure and functionalities.

It’s not a chain… It’s pretty much a centralised ponzi database with such glaring security flaws that you are probably safer to just leave your money in a bank.

— RobinSG (@kaptinspudz) October 1, 2022

However, at press time, the network has resolved its network outage problem and is currently up and running again.

Validator operators successfully completed a cluster restart of Mainnet Beta at 7 AM UTC.

Network operators an dapps will continue to restore client services over the next several hours.

— Solana Status (@SolanaStatus) October 1, 2022

Go to Source

Continue Reading

Ethereum

Uniswap Labs To Raise Venture Capital at $1B Valuation

Published

on

Uniswap Labs To Raise Venture Capital at $1B Valuation
  • Uniswap Labs is gearing up to raise over $100 million in a new round of funding as it expands into new products and services.
  • The decentralized exchange commands 64% of all DEX volumes, according to DeFi Llama.
  • Uni’s new funding is indicative of the company’s ambitious plans

Uniswap Labs is gearing up to raise over $100 million in a new round of funding as it expands into new products and services, according to four sources familiar with the matter as reported by TechCrunch, and continues to gain mindshare among traders.

The company is currently seeking investors including Polychain and one of Singapore’s sovereign funds to raise an equity round of $100 million to $200 million at a valuation of about $1 billion.

The deliberations of the round haven’t reached final stages, so terms of the deal may change, sources cautioned.

SimpleFX

SimpleFX

Uni’s new funding is indicative of the company’s ambitious plans to expand its offerings. The decentralized exchange commands 64% of all DEX volumes, according to DeFi Llama. And the exchange protocol’s token has a market cap of nearly $5 billion despite the market downturn. (During the peak bull cycle last year, Uni’s market cap exceeded $22.5 billion.)

In recent months, Uniswap Labs has shared plans to add “several new products.” One of the new offerings will allow customers to trade NFTs on Uniswap from a number of marketplaces, Uniswap Labs COO Mary-Catherine Lader told Decrypt.

Lader told TechCrunch in an earlier interview that their mission is “to unlock universal ownership and exchange.” If you can embed the ability to swap value and have people join the community and exchange value with your project, or your company or organization — that’s a powerful way to allow more people to engage in this ownership.

Go to Source

Continue Reading
Home | Latest News | Cryptocurrency | Ethereum | Phemex Offers Industry-leading VIP Program and Gains Approval for Global Expansion
a

Market

Trending