Eight former core developers from one of Wall Street’s leading investment banks, Morgan Stanley, have launched an exchange of crypto derivatives.
The platform is called Phemex, derived from the name of the goddess of fame and reputation Pheme. The developers claim that it is 10 times faster compared to other cryptocurrency trading platforms and has the capacity to handle 300,000 transactions per second.
Registered in Singapore, the exchange is available to both retail and institutional customers. Phemex offers several permanent crypto contracts, linked to bitcoin (BTC), ether (ETH), XRP, litecoin (LTC) and EOS, with a leverage of up to 100x.
Jack Tao spent 11 years at Morgan Stanley, as the leader of the development team for the bank’s electronic transaction execution strategy. He founded Phemex with seven other team members:
“Trading systems are similar to those offered by large investment banks, such as Morgan Stanley. Our matching engine, trading engine and risk engine required six months of intense development work. Currently, our platform is as technically good as Nasdaq. ”
Tao said.
The developer explained the reasons that led him to transition from traditional to digital markets:
“First, we believe that the market for crypto derivatives has great growth potential. This has been confirmed by our research in the early stages of Phemex. Second, coming from traditional finance, where the technical standards are considerably higher, we see a lot of room for improvement. “
Tao acknowledged that the crypto-derivatives market is “crowded”, but said that “news on major technical and security issues related to major exchanges is very common. This tells us that our expertise can bring value to the industry. “
So far, about 2,000 users have signed up for the platform within 10 days of launch.
“Our target for the first semester is at least 20,000 users,”
added Tao.
Phemex charges trading fees of -0.025% (maker) and 0.0075% (taker) and withdrawal fee of 0.0005 bitcoin. The platform blocks US IP addresses and is not yet regulated.
However, Phemex has plans to obtain a license from the Monetary Authority of Singapore (MAS).
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