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12/4, 3:52 PM (Source: TeleTrader)
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Ex-Morgan Stanley execs launch crypto derivatives exchange

Eight former software developers from Morgan Stanley launched on Wednesday a cryptocurrency derivatives exchange called Phemex that will, according to them, execute trades ten times faster than other cryptocurrency trading platforms. Co-founder Jack Tao (pictured) resigned from Morgan Stanley in July and gathered a team of more than 30 senior developers. Tao said trading metrics are "on par with those experienced at some big investment banks like Morgan Stanley" and that technically, the platform is "on par with Nasdaq."

Tao noted that the exchange is able to manage 300,000 transactions per second and has the order entry and respond time of "less than 1 millisecond."

As per the announcement, contracts will soon be able to be backed not only by cryptocurrencies but also stock indexes, interest rates, currencies, commodities, metals and other more traditional financial products. So far, approximately 2,000 users signed up for Phemex and Tao said their "target for H1 is at least 20,000 users."

Breaking the News / TF