On Dec. 4 a press release was shared claiming that the platform is ten times faster than traditional crypto trading platforms offering 100x leverage to both retail and institutional investors in Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) perpetual contracts. These contracts will reportedly be backed by traditional financial products, such as stock indexes, interest rates, foreign exchange, agricultural commodities, metals, and energy.
We are live! Come join the most sophisticated Trading Platform around, we offer #Bitcoin, #Ethereum, and #Ripple with up to x100 leverage📈 https://t.co/R1KsyLnAON, Trade Simple. #Bitcoinprice #Cryptocurrencies #Crypto #Trading #Perpetual $BTC $ETH $XRP #800cc #Exchange pic.twitter.com/UUuVecWoqT — Phemex (@Phemex_official) December 2, 2019
Platform Is Looking To Add Options Trading Soon
Phemex co-founder Jack Tao said:
“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.”
The platform is looking to add options trading soon. In launching Phemex, Tao assembled a team of more than 30 senior developers while explaining:
“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 Nov. 25 launch, Phemex has seen a volume of around 1000 BTC per day on BTC/USD contracts.
Crypto Derivatives Trading In Singapore
The MAS’ proposal would make trading of derivatives on underlying assets like Bitcoin (BTC) and Ether (ETH) subject to the city-state’s Securities and Futures Act. According to the MAS, it plans to extend its remit to crypto derivatives that have been urged by interest from hedge funds and asset managers engaged in the sector.
Source: Cointelegraph | Image: The Block