Ex-Morgan Stanley devs from teamed up in a pursuit to make a new crypto derivatives exchange, armed with its own cold wallet, major transaction speeds and much more as we are about to find out more in the upcoming cryptocurrency news.
According to a recent declaration, a new high-speed crypto derivatives exchange called Phemex, is expected to be launched in the near future. The exchange will supposedly be fast enough to it is supposed that the exchange will be so fast that will execute trades in less than a millisecond, and will be of service of institutional and retail investors alike.
The new exchange was created by a number of developers who were employees of Morgan Stanley. One of the co-founders of the company, Jack Tao, was 11 years executive in Morgan Stanley. Back he also served as the global development leader for the Morgan Stanley Electronic Trading Benchmark Execution Strategies. He left the investment bank at the beginning of the second half of this year, in July, and was determined to put up a team of over 30 senior developers. Eight of the new developers were working as executives at Morgan Stanley.
According to Tao, the internet allows momentarily communication and information flow, while blockchain will enable the exact thing for value. The new exchange would perform as many as 300,000 each second, as verified during the beta testing, which was done in the past several weeks. Tao also mentioned that the exchange started with trading around ten days ago, on November the 25th. Aside from the high transaction speed, the exchange can also manage to deliver an order entry extremely speedy, with a less than a millisecond response time.
Leverage is also offered to all of Phemex clients, including 100x leverage for Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) contracts. Not only that but also the clients will have the opportunity to back their contracts with traditional financial products, in the near future. According to the ex-Morgan Stanley devs, these will include metals, energy, stocks indexes, interest rates and more. Tao claims:
“The internet has made it possible to communicate and transfer information. So, a public blockchain enables instant transfer of value.”
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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