Former Morgan Stanley developers have introduced a ‘high-speed’ crypto derivatives platform called Phemex that will offer Bitcoin, Ethereum, EOS, Litecoin and XRP perpetual contracts targeted at both retail and institutional investors.
According to Coinspeaker, a press release announcing the launch of the platform revealed that Phemex is 10x faster than other traditional crypto trading services, as it is a “low-latency trading platform with no delays” and able to “reach speeds of up to 300,000 transactions per second while providing 100x leverage”.
Initially, Phemex will offer Bitcoin, Ethereum, EOS, Litecoin and XRP perpetual contracts with future plans to roll out contracts backed with traditional finance tools and instruments.
Jack Tao, founder and CEO of Phemex, revealed the platform is highly competitive in the crypto market, stating:
“We are not just providing the functionality for trading. As executives from Morgan Stanley, we know what kind of ways, what kind of direction, or what kind of architecture can support high-frequency trading, stability, and low latency. This is where Phemex excels — our expertise enables us to compete with and outperform existing platforms.”
Tao disclosed that since the platform was launched on November 25, 2019, it has seen a trading volume of approximately 1000 BTC daily on BTC/USD contracts.
The Phemex founder added that with the team’s long experience, it was able to develop a scalable and reliable platform.
Tao also mentioned past challenges encountered by crypto exchanges in 2017 after an increase in the prices of cryptocurrencies, when exchanges suffered crashes due to the high number of transactions.
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