RATE Group | Former Morgan Stanley Developers Launch Crypto Derivatives Exchange
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Former Morgan Stanley Developers Launch Crypto Derivatives Exchange

05 Dec Former Morgan Stanley Developers Launch Crypto Derivatives Exchange

Posted at 05:18h in Cryptocurrency News by

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Eight former core developers from financial services company Morgan Stanley have launched Phemex, a new cryptocurrency derivatives trading platform, in Singapore.

In a press release shared with Cointelegraph on Dec. 4, the former Morgan Stanley developers claim the platform is ten times faster than traditional crypto trading platforms, while offering 100x leverage to both retail and institutional investors in Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) perpetual contracts.

Exchange is “on par with Nasdaq”

In the near future, these contracts will reportedly also be backed by traditional financial products, such as stock indexes, interest rates, foreign exchange, agricultural commodities, and metals and energy. Phemex co-founder Jack Tao said:

“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…

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