The former Head of Crypto Ops at Revolut, Ruslan Fakhrutdinov, has launched a crypto exchange with an investment of $6.5 million. Tioga Capital, Semantic Ventures, Cherry Ventures, Starkware, and Cyber Fund are some investors in the new exchange dubbed X10.
According to the press release, executives from Revolut and the Founder of Lido, Konstantin Lomashuk, have invested in the crypto exchange. X10 combines aspects of a centralized exchange and a decentralized finance platform. It promises full self-custody of digital assets and on-chain settlement of transactions.
“With X10, we want to give our users and traders the best of both worlds. Imagine the features and the speed of Coinbase or Binance but with full self-custody. The FTX situation, where users only got back a third of their funds, serves as a wake-up call for the industry. It urges us to reinforce trust and efficiency in crypto trading through on-chain trade settlement, validation, and self-custody,” Fakhrutdinov said.
X10’s hybrid model promises to instill trust and efficiency in crypto trading, providing users with a solution that combines the best of CeFi and DeFi. The exchange operates as a hybrid Central Limit Order Book and handles order processing and matching off-chain.
CeFi and DeFi
According to the firm, this approach enhances market makers’ capabilities, resulting in updated prices, tighter spreads, deeper liquidity, and an enhanced user experience. Notably, trade settlement occurs on-chain via the StarkEx Layer 2 engine. X10 uses on-chain settlement and validations, as well as independent Oracle price providers.
Additionally, X10 features multiple trading sub-accounts, order types customizable to the web, and comprehensive market analytics. The exchange expects to launch a mobile app and integrate Telegram bot functionalities. With the upcoming mobile app and Telegram bot functionalities, X10 is poised to deliver a holistic trading experience across diverse platforms.