Phemex, a crypto derivatives trading platform led by former Morgan Stanley executives, has raised $3.5 million in a funding round led by NGC Ventures. In a release, Phemex said it will utilize the additional capital for global expansion into Japan, Korea and Russie as well an updated product.
Phemex claimes to be building the “world’s fastest cryptocurrency derivatives platform” that is highly secure. Launched in November 2019, Phemex reports 105,000 registered users.
Phemex CEO Jack Tao said that finance is advancing rapidly. Blockchain has the ability to bring billions of potential users into a more equitable global system:
“…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 easse,” said Tao.
Tony Gu, founding Partner at NGC Ventures, said they are witnessing an increase in global demand for products such as cryptocurrency derivatives. Gu believes 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.”
