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Running a crypto exchange isn't easy, according to the Phemex founder

 


The CEO and founder of the Phemex cryptocurrency exchange has revealed that running a crypto trading platform is not an easy task.


Jack Tao, founder and CEO of Phemex, told Cointelegraph in a recent interview that running a cryptocurrency exchange is no easy task. He explained that security concerns are among the most difficult tasks of running a crypto exchange:


“One of the biggest challenges is security concerns to ensure we offer our users the most trusted and secure platform. System and user account security is one of our top 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 start Phemex was due to a loss he suffered while using a crypto exchange that resulted in a loss of money. 


"The end result is Phemex, a powerful and efficient platform that, despite its partial Wall Street background, is committed to helping everyone, not just a select few, achieve financial independence."


Tao is one of the many leaders who have left traditional financial systems and ventured into the crypto space. Previously, he was Global Development VP of Electronic Trading (MSET) Benchmark Execution Strategies (BXS) at Morgan Stanley.


The Phemex executive added that his Morgan Stanley experience was key in building his cryptocurrency exchange:


“Having over ten years of experience building large scale algorithmic trading platforms with high throughput and low latency, I was able to pinpoint the main issues faced by the TradeFi sector. Since I could see the problems, all I had 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.

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