A new cryptocurrency derivatives exchange named Phemex went Live with backing from financial powerhouse, Morgan Stanley.
Phemex, created by three executives who once worked for Morgan Stanley, is touted as a new derivatives trading platform that can be used by retailers, institutional investors and entrepreneurs.
As a result of low-latency features, Phemex exchange platform can process transactions without significant delays. According to Phemex’s co-founder, Jack Tao, the platform can process up to 300,000 combine transactions per second.
Mr. Tao also stated:
“Our matching engine, trading engine, and risk engine were six months in the making, putting the platform technically on par with Nasdaq.”
Although Phemex derivatives exchange presently only offering smart contracts in Bitcoin, Ethereum, Ripple, Litecoin, and EOS, Mr. Tao said he and his team plan to add more contracts in the future.
In additional to cryptocurrency, Phemex plans on offering traditional commodities such as agricultural products, gold, silver, and green energy products.
Phemex is based in Singapore and is led a team of Wall Street veterans and well-known developers. All from the same units at Morgan Stanley.
Jack Tao, during a press conference yesterday, highlighted the team’s Wall Street qualifications and achievements.
“We are the first exchange to truly bring Wall Street level sophistication to the worldwide crypto derivatives markets.”
Mr Tao continues,
“As executives from Morgan Stanley, we know what kind of ways, what kind of direction, or what kind of architecture can support high-frequency trading, stability, and low latency.”
The team in charge spearheading the cryptocurrency derivatives exchange platform is currently lobbying the Monetary Authority of Singapore (MAS) for regulatory licensing. The exchange is not presently targeting United States’ based customers.
Mathieu is a Information technology professional with over 15 years of experience. He started one of the first bitcoin blogs existed in 2010. He started writing about, investing in bitcoin and promoting the first cryptocurrency when only a few technological savvy people knew about it. Mathieu is a world traveler who enjoys culture, technology, finance, salmon, rice and beans. He’s cool, collected and knows a great deal about blockchain technology.