Phemex, a cryptocurrency derivatives platform today announced a $3.5 million (USD) investment round, led by NGC Ventures, one of the world’s leading blockchain investment firms, followed by a number of Morgan Stanley executives and a leading team of quants. The investment will drive Phemex’s global expansion and growing the Phemex team while also launching a renewed product design.
Commenting on the investment, Tony Gu, Founding Partner at NGC Ventures, said:
“As we witness an increase in global demand for products such as cryptocurrency derivatives, there is a need for market-ready products and platforms that can cope with this rise in demand. NGC Ventures believes in Phemex’s technical superiority and has full confidence in its team to expand its platform and product offering across the new markets successfully and meaningfully.”
Phemex is building the world’s fastest cryptocurrency derivatives platform with a user-oriented approach to offer market-leading technical features such as high-security, high transaction throughput, and low latency to allow traders to easily buy and sell derivatives contracts with trust. Advocates of the benefits of knowledge-sharing and as a means to give back to the industry, Phemex is the first exchange to share its core architecture.
Launched in November 2019, Phemex currently has 105,000 registered users. This investment will spur Phemex’s growth in markets such as Russia, Korea, and Japan as well as hiring outstanding talent across the developer, marketing, and customer service teams.
Commenting on the announcement, Jack Tao, CEO of Phemex, said:
“Finance is advancing rapidly and with this innovation comes great opportunity. Blockchain has the ability to bring billions of potential users into a more equitable global system, and we want to be there to enable them to have access to user-friendly, secure, and efficient trading platforms. This investment from NGC Ventures will help us to fulfil this vision, bringing our expanded product offering to new markets, allowing new users to transact with ease”.
NGC Ventures is one of the largest and most active institutional investors of cryptocurrencies. NGC Ventures adopts best practices from traditional financial markets to invest in and incubate leading projects in the crypto industry worldwide.