Phemex Launches ‘Stable With Phemex’ Campaign, Offering 100% APY on USDT Deposits for 7 Days

For years, academics have likened cryptocurrency and other blockchain-based assets to be safe havens during times of geopolitical unrest. As the conflict between Russia and Ukraine continues, the volume of Bitcoin purchased in the region has increased considerably in recent days, illustrating the asset class’s utility in these challenging circumstances.

Financial institutions worldwide are imposing sanctions on Russian banks, preventing them from using the SWIFT financial communication network, which is a vital component for international transactions. To prevent Russia from selling assets held abroad, the EU has even prohibited all transactions with its central bank.

Investors are fleeing the ruble, fearful of additional restrictions. According to reports, USDT/RUB trade volume has reached an eight-month high, with similar trends in Tether markets for the Ukrainian hryvnia. The Russian central bank has also urged brokers to prohibit non-residents from selling assets, and Russian businesses have been told to liquidate 80 % of the total of their foreign currency revenue.

Last week, the Russian currency fell by more than 8% before plummeting by a whopping 28% just a few days back. The U.S. dollar, Swiss franc, and gold have all benefited from the ruble losing a third of its purchasing power, with the USD-pegged stablecoin Tether seeing a 30 percent increase against the ruble in just five days. Prior to this, the USDT/RUB pair had been progressively consolidating, and Russia responded by increasing key interest rates from 9.5 percent to 20 percent. 

Phemex wishes to be a stable platform for your finances during these challenging times. Global events of this magnitude cause extreme market volatility, and cryptocurrencies can act as an effective store of value to protect your holdings. As part of our dedication to worldwide unity, we’re launching the Stable With Phemex campaign, which will provide all newly enrolled Earn Crypto users a 100% APY on our 7-day USDT fixed accounts.

Phemex has allotted a $10 million fund limit on a first-come-first-served basis between the 1st and 8th of March, allowing users to earn 10x more than the typical 10 percent paid on these contracts. The winners will be notified on March 17. Additional earnings will be deposited to your spot wallet in USDT, with prizes being distributed beginning March 24, 2022. Each user can use up to $1000 of the total fund limit, and rates will return to 10% after the first week.

Users must complete the KYC process and input their UID into the campaign form to be eligible for incentives. Furthermore, only individual accounts are permitted to engage in the campaign, and users from India, Venezuela, Indonesia, Bangladesh, Pakistan, the Philippines, and Vietnam are not eligible. Phemex was founded on the principle of unbiased quality, and we hope that through this campaign, we can promote international peace and harmony for all. For more information, check out the official announcement page.

None of the information on this website is investment or financial advice and does not necessarily reflect the views of CryptoMode or the author. CryptoMode is not responsible for any financial losses sustained by acting on information provided on this website by its authors or clients. Always conduct your research before making financial commitments, especially with third-party reviews, presales, and other opportunities.

Amaury Reynolds

A freelance writer covering many topics.

Published by
Amaury Reynolds

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