Phemex Launches ‘Stable With Phemex’ Campaign, Offering 100% APY on 7-Day Fixed USDT Deposits
For years, experts have lauded cryptocurrency and other blockchain-based assets as safe havens during times of global unrest. As the crisis between Russia and Ukraine continues, the volume of Bitcoin acquired in the region has risen in recent days, lending credibility to the asset class’s value in these challenging times.
Financial institutions throughout the world are imposing restrictions on Russian banks, preventing them from using the SWIFT financial communication network, which is necessary for international transactions. The EU has even gone so far as to prohibit any dealings with Russia’s central bank to prevent them from selling foreign assets.
Fearing stricter regulations, investors are avoiding the ruble. According to reports, USDT/RUB trade volume has hit an eight-month high, with similar patterns recorded in Ukrainian hryvnia markets for the stablecoin. Russian corporations have been told to liquidate 80 % of their foreign currency earnings, and the Russian central bank has also urged brokers to prohibit non-resident investors from selling assets.
A few days ago, the Russian ruble dropped by a whopping 28% following last week’s 8% decline. The Swiss franc, US dollar, and gold have all gained from this rush to safety, with the USD-pegged stablecoin Tether (USDT) gaining 30% versus the ruble in only five days.
Before this, the USDT/RUB pair had been progressively consolidating, and Russia’s response was to immediately raise key interest rates from 9.5% to 20%. Phemex wishes to provide a stable platform for your funds during these turbulent times. Global events of this magnitude cause massive market volatility, and cryptocurrencies may act as a valuable store of value to keep your money safe.
As part of our dedication to worldwide unity, we’re introducing the Stable With Phemex campaign, which will provide 100% APY on our 7-day USDT fixed accounts to all newly registered Earn Crypto customers. Phemex has allotted a $10 million fund limit on a first-come-first-served basis between the 1st and 8th of March, allowing customers to earn 10x more than the typical 10% APY paid on these contracts.
Winners will be contacted on March 17, and the extra profits will be delivered as USDT to their spot wallets. Awards will be paid out starting March 24, and each user can use up to $1000 of the total money limit. Rates will return back to 10% after the first week.
Users must complete the KYC procedure and input their UID into the campaign form to be eligible for incentives. Furthermore, only individual accounts are permitted to engage in the campaign. Those from India, Venezuela, Indonesia, Bangladesh, Pakistan, Philippines, and Vietnam are not eligible. Phemex was founded on an ethos of decentralisation and equal opportunity. We hope to promote world peace and harmony for everybody through this campaign. For more information, visit the official announcement page.
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