Former Morgan Stanley developers teamed up to create a new crypto derivatives exchange, equipped with its own cold wallet, major transaction speeds, and more.
According to a recent announcement, a new high-speed crypto derivatives exchange called Phemex is expected to see its launch in the near future. The exchange will supposedly be fast enough to execute trades in less than a millisecond, and will serve institutional and retail investors alike.
The new exchange was created by a group of developers who used to work at Morgan Stanley. One of the co-founders of the company, Jack Tao, spent 11 years as a Morgan Stanley executive. In those days, he served as a global development leader for the MSET (Morgan Stanley Electronic Trading) Benchmark Execution Strategies (BXS).
He left the investment bank earlier this year, in July, and decided to create a team of over 30 senior developers. At least eight of the new developers were previously executives at the bank, as well.
WHAT WILL PHEMEX CRYPTO EXCHANGE OFFER?
According to Tao, the internet allowed instant communication and information transfer, while blockchain will enable the same for value. The new exchange can perform as many as 300,000 transactions each second, as confirmed during the beta testing, which has been going on for the past several weeks.
Tao also added that the platform started trading about ten days ago, on November 25th. Apart from high transaction speed, the platform is also capable of delivering an order entry extremely quickly, with a response time taking less than a millisecond.
Phemex also offers leverage to all of its clients, including 100x leverage for BTC, ETH, and XRP contracts. Not only that, but clients will also have the ability to back their contracts by traditional financial products, quite soon. These will include foreign exchange, metals,
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