Phemex, a cryptocurrency derivatives platform, announced today it has closed a $3.5 million USD investment round, led by blockchain investment firm NGC Ventures. The investment will go toward Phemex’s global expansion plans, growing the Phemex team and launching a renewed product design.
In particular, this investment aims to spur Phemex’s growth in markets such as Russia, Korea, and Japan; as well as hiring outstanding talent across the developer, marketing, and customer service teams.
“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 fulfill this vision; bringing our expanded product offering to new markets, allowing new users to transact with ease.”
– Jack Tao, CEO of Phemex
NGC Ventures is one of the largest and most active institutional investors of cryptocurrencies. NGC Ventures adopts best practices from traditional financial markets to invest in and incubate leading projects in the crypto industry worldwide.
“As we witness an increase in global demand for products such as cryptocurrency derivatives, there is a need for market-ready products and platforms that can cope with this rise in demand. NGC Ventures believes in Phemex’s technical superiority; and has full confidence in its team to expand its platform and product offering across the new markets successfully and meaningfully.”
– Tony Gu, Founding Partner at NGC Ventures