A team of eight former Morgan Stanley developers have launched a new cryptocurrency derivatives platform in Singapore, called Pemex. The developers claim the platform will be ten times faster compared to other crypto trading platforms, and will also offer 100X leverage to both institutional and retail investors of Ripple, Ethereum and Bitcoin perpetual contracts.
Phemex Exchange “on par with Nasdaq”
Meanwhile, all these contracts will reportedly receive backing from traditional financial products such as interest rates, stock indexes, agricultural commodities, metals, and energy. A co-founder of Phemex , Jack Tao stated:
“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 on par with Nasdaq.”
Jack has spent more than a decade serving the executive at Morgan Stanley. He claimed that the platform is planning to add more trading options soon. The founder is reported to have assembled a team of at least 30 core developers to build Phemex. He said:
“We’re 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 allows us to compete with and outperform existing platforms.”
Since the launch of the platform on November 25, the platform has witnessed a volume trade of more than 1000 BTC daily trades on the BTC/USD pair contracts.
Singapore’s MAS Closely Looks at Crypto Derivatives
Nevertheless, remember that Singapore’s Central Bank and regulator, Monetary Authority of Singapore (MAS) proposed regulating crypto derivative platforms. The proposal noted that it was planning to make derivatives trading; an underlying basis of key digital assets such as Ether and Bitcoin.