Crypto Derivatives Platform Phemex Raises $3.5 Million Led by NGC Ventures

Phemex, a crypto derivatives buying and selling platform led by former Morgan Stanley executives, has raised $3.5 million in a funding spherical led by NGC Ventures. In a launch, Phemex stated it would make the most of the extra capital for world growth into Japan, Korea and Russie as effectively an up to date product.

Phemex claimes to be constructing the “world’s quickest cryptocurrency derivatives platform” that’s extremely safe. Launched in November 2019, Phemex stories 105,000 registered customers.

Phemex CEO Jack Tao stated that finance is advancing quickly. Blockchain has the flexibility to carry billions of potential customers right into a extra equitable world system:

“…we wish to be there to allow them to have entry to user-friendly, safe, and environment friendly buying and selling platforms. This funding from NGC Ventures will assist us to fulfil this imaginative and prescient, bringing our expanded product providing to new markets, permitting new customers to transact with easse,” stated Tao.

Tony Gu, founding Companion at NGC Ventures, stated they’re witnessing a rise in world demand for merchandise corresponding to cryptocurrency derivatives. Gu believes there’s a want for market-ready merchandise and platforms that may deal with this rise in demand.

“NGC Ventures believes in Phemex’s technical superiority and has full confidence in its group to increase its platform and product providing throughout the brand new markets efficiently and meaningfully.”