Cryptocurrency
Ex-Morgan Stanley execs launch crypto derivatives exchange Phemex, claiming it to be ‘on par with Nasdaq’
As reported by The Block, “Eight former core developers from one of Wall Street’s top investment banks, Morgan Stanley, have launched a cryptocurrency derivatives exchange with big claims. “Named Phemex (references ‘the Greek Goddess of fame and good repute Pheme’), the exchange claims to be 10 times faster as compared to other cryptocurrency trading platforms […]
As reported by The Block, “Eight former core developers from one of Wall Street’s top investment banks, Morgan Stanley, have launched a cryptocurrency derivatives exchange with big claims.
“Named Phemex (references ‘the Greek Goddess of fame and good repute Pheme’), the exchange claims to be 10 times faster as compared to other cryptocurrency trading platforms with the ability to manage 300,000 transactions per second. It also claims to have an order entry and response time of ‘less than 1 millisecond.’
“Available for both retail and institutional clients, Singapore-based Phemex offers several cryptocurrency perpetual contracts, tied to bitcoin (BTC), ether (ETH), XRP, litecoin (LTC) and EOS, with up to 100 times leverage.
“’These trading metrics are on par with those experienced at some big investment banks like Morgan Stanley. Our matching engine, trading engine, and risk engine were six months in the making, putting the platform technically on par with Nasdaq,’ said Jack Tao, who spent 11 years at Morgan Stanley as the global development leader of the bank’s electronic trading benchmark execution strategies, before co-founding Phemex.
“Tao brought in seven other executives as well from Morgan Stanley to join his venture…”