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.