The CEO and founder of Phemex cryptocurrency exchange has revealed that it is not an easy task operating a crypto trading platform.
Jack Tao, founder and CEO of Phemex, told Cointelegraph in a recent interview that running a cryptocurrency exchange is not an easy task. He stated that security and safety concerns are some of the hardest tasks of operating a crypto exchange. Tao said;
“Major challenges include safety and security concerns to make sure we are providing the most trustworthy and safe platform to our users. System and user account security are one of our highest priorities.”
Phemex was launched in 2019, and Tao admitted that opening an exchange during the crypto winter period is a tough task. He pointed out that the decision to launch Phemex stemmed from a loss he encountered when using a crypto exchange that resulted in the loss of funds. Tao said;
“The end result is Phemex, a powerful and efficient platform that, despite its partial Wall Street background, is dedicated to assisting everyone, not just a select few, in achieving financial independence.”
Tao is one of the numerous executives that have left the traditional financial systems and ventured into the crypto space. He was previously the global development VP of Electronic Trading (MSET) Benchmark Execution Strategies (BXS) at Morgan Stanley.
The Phemex executive added that his experience at Morgan Stanley was key to building his cryptocurrency exchange. He said;
“Because I had over ten years of experience building high throughput, low latency, large-scale algorithmic trading platforms, I was able to pinpoint the primary problems that faced the TradeFi sector. Because I could recognize the problems, all I needed to do was find the solutions, which was to build Phemex as one of the most reliable cryptocurrency and derivatives platforms.”
Phemex is based in Singapore, one of the booming cryptocurrency countries in the world.