Ex-Morgan Stanley Developers Launch Crypto Derivatives Exchange

A team of former Morgan Stanley MS developers has launched a new, "high-speed" cryptocurrency derivatives exchange, according to Cointelegraph.

What Happened

Eight former developers from Morgan Stanley announced the launch of a "high-speed" crypto derivatives exchange called Phemex on Wednesday.

The platform is said to streamline crypto trading for both retail and institutional investors. The developers claim the platform executes trades in less than a millisecond, Reuters reported.

After a few weeks of beta testing, the platform finally started trading on Nov. 25, said Jack Tao, one of the founders.

Jack left Morgan Stanley in July after working there for 11 years. He then built a team of 30 people, including eight ex-Morgan Stanley developers.

Since its launch, Phemex has seen around 1000 BTC trading per day on BTC/USD contracts.  

What's Next

According to the founder, the exchange has the capacity to provide 100 times leverage to investors in ethereum, bitcoin, and XRP contracts. The company plans to have the contracts backed by conventional financial products, including stock indexes, agricultural commodities, foreign exchange, interest rates, metals, and energy.