Wall Street Vets Bringing BTC, ETH, and XRP to New Derivatives Exchange
Eight former developers from New York-based investment bank Morgan Stanley are launching a cryptocurrency derivatives exchange called Phemex.
The company claims the exchange is state-of-the-art and poised to be one of the most advanced in the industry.
“Phemex is 10x faster than traditional crypto trading platforms with the ability to manage 300,000 transactions per second…
Phemex’s low latency system architecture delivers an order entry and response time of less than 1 millisecond while [facilitating] stable … algorithmic trading.”
Phemex offers 100x leverage to retail and institutional traders in Bitcoin (BTC), Ether (ETH) and XRP perpetual contracts.
Contracts are backed by crypto assets. The company also says it intends to support contracts backed by traditional financial products, including stock indexes, interest rates, foreign exchange, agricultural commodities, metals and energy.
Jack Tao, Phemex co-founder and former executive at Morgan Stanley, says,
“These trading metrics are on par with those experienced at some big investment banks like Morgan Stanley…
We are the first exchange to truly bring Wall Street level sophistication to the worldwide crypto derivatives markets. Our matching engine, trading engine, and risk engine were six months in the making, putting the platform technically on par with Nasdaq.”