Former Morgan Stanley developers unveil new cryptocurrency exchange
A new cryptocurrency exchange has been launched by a collection of former software developers at Morgan Stanley.
Phemex aims to execute trades in less than a millisecond for both its retail and institutional investors.
Billing itself as “the most trustworthy cryptocurrency derivatives trading platform”, Phemex offers Bitcoin, Ethereum, Ripple, Litecoin, and EOS. It plans to support traditional financial products like stock indexes, interest rates, forex, commodities, and energy.
The firm is also offering a proprietary cold wallet system, which can assign an independent deposit address to each of its users.
Founder Jack Tao spent 11 years at Morgan Stanley as the firm’s electronic trading benchmark execution strategies (BXS) global development leader. Tao has brought eight members of the Morgan Stanley BXS and EAI team with him to Phemex.
Speaking to Reuters, Tao said that the platform had been in a beta phase for “several weeks”, and trading commenced on 25 November.