8 former developers of the popular US investment bank Morgan Stanley have just launched a new crypto derivatives exchange, The Block has reported.
According to the developers, this new exchange, dubbed Phemex, is 10 times faster than any other platform, as has the capacity to manage up to 300,000 transactions per second.
The exchange, whose services can be accessed by both retail and institutional investors, offers several crypto perpetual contracts linked to Bitcoin, Ethereum, XRP, Litecoin and EOS with a leverage of up to 100x.
Phemex co-founder Jack Tao said this new derivatives platform is so powerful that it can compete with firms such as Morgan Stanley.
He pointed out one of the main characteristics that differentiate Phemex from other platforms in the industry is the fact that it has been developed with the programming languages C++ and React and not with Kdb+, the database on which most exchanges are based. The use of these languages in its core structure allows it to execute faster transactions and offer a higher level of security.