A new asset class brings new opportunities. What amazing news we got today. A little competition in the market has never hurt anyone. 8 Ex-Morgan executive has announced today on all major news outlets that they have launched a cryptocurrency derivative exchanged called Phemex. Here is the best part – the cofounder of Phemex said that:
“Our matching engine, trading engine, and risk engine were six months in the making, putting the platform technically on par with Nasdaq”
For those of you who didn’t know, Morgan Stanley is one of Wall Street’s top investment blanks and the guys behind the exchange Phemex have come out of the gate firing. Phemex exchange claims to be 10 times faster than the current platforms out on the market and they are offering up to 100x leverage from the get-go. The name Phemex combines the words Pehem and MEX. In Greek mythology, Pheme is the personification of fame and the public voice, and MEX refers to any mercantile exchange. The name was chosen to highlight our vision and dedication to become the most trustworthy trading platform.
Here is a little greek lesson for everyone out there. Pheme(Fama),in Greek mythology, the personification of fame and the public voice. The Homeric equivalent Ossa (Iliad, ii. 93) is represented as the messenger of Zeus, who spreads reports with the rapidity of a conflagration.
The goal of Phemex is to simplify financial products and lower the entry barrier for newcomers through a user-oriented approach. Phemex is looking to bridge the gap between crypto and traditional finance. Didn’t we just read yesterday that in 2020 more and more financial advisors were going to push “other asset classes”, I wonder what they could be talking about.
From Pheemexs website:
We allow the trading of crypto contracts backed not only by crypto assets, but also by traditional financial products, such as stock indexes, interest rates, FOREX, commodities, metals, energy, and more. 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.
Phemex will offer Bitcoin, Ethereum, Ripple, Litecoin, EOS perpetual contracts, with up to 100x leverage.