Phemex, a Singapore-based cryptocurrency derivatives platform, raised $3.5m in funding.
The round was led by NGC Ventures.
The company intends to use the funds for expansion in markets such as Russia, Korea, and Japan, growth of the team and the launch of a renewed product design.
Led by Jack Tao, CEO, Phemex is building a cryptocurrency derivatives platform with a user-oriented approach to offer technical features such as high-security, high transaction throughput, and low latency to allow traders to buy and sell derivatives contracts with trust. Launched in November 2019, the company currently has 105,000 registered users.