Crypto Derivative Exchange Phemex Launched By Ex-Morgan Stanley Devs To Compete With Nasdaq

A team of developers who used to work for Morgan Stanley have announced they have rolled on a high-speed crypto derivative exchange known as Phemex.

The core developers claimed that derivative exchange will be 10 times faster than other crypto exchanges and has the capacity to conduct about 300,000 transactions in one second. According to Reuters, the developers allege that Phemex can execute orders in “less than 1 milisecond.”

The company is headed by Jack Tao who worked at Morgan Stanley as the head of Benchmark Execution Strategies (BES) part of the bank’s electronic trading platform. He quit his job in July and has now brought together over 30 experienced developers comprising of eight from Morgan Stanley’s BES team.

The new derivative exchange will serve both retail as well as institutional customers and will offer contracts which will initially be tied to Ether, Bitcoin, Litecoin, EOS and XRP offering up to 100 times leverage.

In an interview with Reuters, Tao stated that advancement in internet has made it easy to transfer information and the advent of blockchain technology makes it easier to transfer value instantly.

Tao also revealed that the platform has been under a piloting phase for various weeks and started trading on Nov. 25. He also stated that the trading metrics offered by the platform are like the ones offered by large investment institutions like Morgan Stanley. He added that that the platform’s matching, trading and risk engines were developed for about six months making it to be at par with Nasdaq.

Asked why he decided to switch from the conventional finance to cryptocurrency, Tao explained that the team conducted widespread research and found that there was room for growth in the derivatives market. He also explained that having been in the conventional finance sector where the technical standards are relatively higher, there is a big area for improvement.

According to the announcement, in the near future, clients will have the capacity to back their contracts using conventional financial products like stock indexes, precious metals, agricultural commodities, among others.

Get Daily Headlines

Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

What to Know More?

Join Our Telegram Group to Receive Live Updates on The Latest Blockchain & Crypto News From Your Favorite Projects

Join Our Telegram

Stay Up to Date!

Join us on Twitter to Get The Latest Trading Signals, Blockchain News, and Daily Communication with Crypto Users!

Join Our Twitter

Add comment

E-mail is already registered on the site. Please use the Login form or enter another.

You entered an incorrect username or password

Sorry, you must be logged in to post a comment.
Bitcoin Exchange Guide