Phemex scores $3.5m as it looks to boost growth in Asia

Phemex, cryptocurrency derivatives platform, has scored $3.5m in a funding round to help drive its global expansion.

The round was led by NGC Ventures, with contributions also coming from several Morgan Stanley executives.

With the fresh funds, the company is looking to increase its global expansion, grow the size of its team and improve product design. It will also boost growth in markets such as Russia, Korea and Japan.

The company is looking to bolster its developer, marketing and customer services teams.

Phemex is a cryptocurrency derivatives platform which boasts high-security, high transaction throughput and low latency to enable traders to easily buy and sell derivatives contracts with trust.

Phemex CEOJack Tao 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”.

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