Eight former tech execs from financial giant Morgan Stanley have launched a crypto derivatives trading platform in Singapore and it will include XRP.
The unattractively named Phemex works ten x faster than other crypto platforms and will offer 100x leverage for both institutional and retail investors into crypto.
As well as XRP the platform will offer Bitcoin and Ethereum perpetual contracts which will eventually be backed by stocks, metals, energy, and forex.
The internet has made it possible to communicate and transfer information, a public blockchain enables instant transfer of value. 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 Tao - Ex Morgan Stanley (11 Years)
Although slightly under the radar, Phemex launched on November the 25th and trading volume has seen up to 1000 BTC sold per day according to Tao.
Adding XRP to any such venture is common sense just like choosing Singapore as a base - a crypto and tech hotspot and location of this year’s Swell, co-incidence?
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
Phemex launch comes at just the right time as officials in Singapore ruled crypto derivative trading a matter for their recent Securities and Futures Act.
This move will likely allow the trading of crypto-based derivatives as long as trading platforms follow local regulation and law.
Phemex provides the highest level of security. We built our own Hierarchical Deterministic Cold Wallet System, which assigns an independent deposit address to each user, so that all assets are kept in cold wallets. Bitcoin collection and transfer are all conducted via offline signature with strict human scrutiny. Should any loss happen, it will be covered by our platform. Phemex focuses on a User Oriented development approach, our CEO is directly available on Telegram and Twitter. Development comments, requests & feedback can be directly sent to our Twitter account. We provide 24/7 multilingual, human customer support.
Mainstream and wealthy investors have been put off by traditional crypto platforms due to the apparent lack of security, performance, and reliability.
This revolutionary exchange will allow for up to 300,000 transactions per second and an order entry/response time of under one millisecond.