On December 8, 2019 by Clementine
Eight former main developers of Morgan Stanley, one of the largest investment banks of Wall Street, have joined forces to implement a project successfully trading derivatives on crypto-currencies, which they have christened Phemex to make reference to the Greek goddess of fame Pheme.
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A technical performance very high
Based in Singapore, Phemex will specialize in contracts of indeterminate duration, related to crypto-currencies, such as Bitcoin, Ether, XRP, Litecoin and EOS, and this, with a leverage of up to 100 times higher.
Its performance turns out to be 10 times faster than other platforms for crypto-currencies, with a capacity of 300,000 transactions per second. In addition, she would have a seizure order and a response time of less than 1 millisecond.
Jack Tao, one of the co-founders, said :
“These trading parameters are comparable to those of some large investment banks such as Morgan Stanley. Our engine matching, and trading of risk was in place for six months, placing the platform at equal technique, with the Nasdaq”
In fact, the registrations to the platform were opened, there was ten days and it would record currently a few thousand users, a participation rate which is considerable for a start, according to Tao.
A bright future for the crypto-exchange
When asked about the reasons of his migration to the crypto-sphere, Tao said that the derivatives market has a great growth potential and that they hold all the cards to bring improvement to the sector. Fresh ideas through the years-rich experience in finance traditional, Phemex promises of technical standards very high.
Of course, the derivatives market of crypto-currencies is relatively saturated, but Tao hopes to be able to make the difference by correcting the current problems in the sector, including those related to technical and safety.
Moreover, he felt able to align its service with those who have managed to obtain a license from the Monetary Authority of Singapore.
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Clementine
Passionate about the universe geek, Clementine finds the news more interesting and involved in their drafting.