The company has differentiated itself from other exchanges by putting its clients’ safety first and ensuring that only solid blockchain tokens are allowed for trade on the platform.
In addition to XRP, clients can now also trade BAT, CHZ, MANA, ENJ, SUSHI, SNX, GRT, and MKR on its crypto spot market and derivatives market. All of these tokens are in the top 100 as measured by market capitalization and have great potential for further growth.
Over the past two years, a huge number of tokens have hit the market. The rise of decentralized exchanges (DEXs) has also allowed tokens to flow unimpeded from their creators to the general public, which hasn’t always been great for token buyers.
Phemex knows the value of a good project and works to ensure that every token that is listed on its exchange has real market value and a future.
XRP Trading is Back
Phemex joined numerous cryptocurrency providers in suspending trade of the XRP token in late 2020 when the US Securities and Exchange Commission (SEC) decided to formally file a lawsuit against Ripple and some of the senior executives at the company.
That embargo on the trade of XRP at Phemex has ended, and now Phemex clients can once again trade this asset. This comes at a great time, as XRP has been able to stage a massive rally, despite the fact the lawsuit is ongoing.
The news flow from the suit has been exciting and seems to be driving prices, which makes trading in XRP potentially profitable. The SEC has dug in, and is looking for ways to gain an advantage over Ripple and its executives.
The SEC is likely attempting to establish case law in the cryptocurrency world, as that is the basis of the US legal system. Despite being a well-funded regulatory agency, the SEC has struggled to make a case against Ripple and has created the potential for years of litigation.
More Tokens From Solid Projects
Phemex has demonstrated a willingness to be highly selective in the tokens it will allow to be traded via its platform. The eight new tokens that are being added have all received lots of support from the crypto community and with good reason.
Tokens like the Basic Attention Token (BAT), the native token of Brave Browser, fit into a much broader ecosystem that creates real value. In addition, the token has been on a massive bull run, and is up by more than 570% on a YTD basis at the time of writing.
MANA is the native token of Decentraland, which may be the next major online hub for decentralized activities. It offers the ability to buy virtual real estate and interact with other people in the online world.
Much in the same way that a platform like Second Life created a global space for people to for virtual experiences, Decentraland gives people new ways to establish firm roots in an online space and proof of ownership guaranteed with blockchain technology.
Decentraland has attracted a massive user base – and virtual land prices are skyrocketing.
The world of blockchain and decentralization is growing, and Phemex offers its clients ways to both trade and hedge against losses in a marketplace with a history of extreme volatility. Its decision to offer tokens that have real market value, and existing utility, is likely wise.