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X10 Launches Hybrid Crypto Exchange with $6.5 Million

Launch | May 9, 2024

X10 - X10 Launches Hybrid Crypto Exchange with $6.5 Million

Image: X10 release

Three former Revolut employees have launched X10, a new hybrid crypto exchange, that merges the benefits of centralized and decentralized platforms. Backed by $6.5 million in venture capital from Tioga Capital, Semantic Ventures, Cherry Ventures, Starkware and Cyber Fund, X10 is combining the performance of a centralized exchange with decentralized security so users can experience a fast, secure trading environment with self-custody of assets.

The company's founder and CEO, Ruslan Fakhrutdinov, was the former head of crypto ops at Neobank Revolut, together with Dmitrii Krasovskikh (former-tech lead), and Stefano Franz (former lead crypto engineer)

See:  Revolut Launches Low Fee Crypto Exchange in the UK

"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”.

The x10 exchange platform uses the StarkEx Layer 2 engine for on-chain trade settlement, which not only ensures self-custody and transparency but also significantly enhances liquidity and user experience through superior latency and throughput.  Key features include on-chain trade settlement and validations, superior performance through off-chain processing, and safeguards like independent Oracle price validation, making it a comprehensive solution in today's crypto trading space.

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X10 is headquartered in the United Kingdom and operates under UK regulatory guidelines. Although the specific type of regulatory license isn't mentioned in the release or on it's site but engaging with progressive financial regulatory authorities like the UK's Financial Conduct Authority (FCA) to ensure compliance with evolving crypto regulations will be key in maintaining trust and safety in financial transactions on their platform.  Perhaps a great candidate for the FCAs new digital securities sandbox initiative - notably, the FCA and BoE are consulting on the final rules of the digital securities sandbox now.

Outlook

As the crypto market continues to evolve in the wake of high-profile collapses like FTX, X10 stands out as a forward-thinking response. This strategic blend being touted as the 'best of cefi and defi' could potentially influence future regulatory frameworks and market structures, making X10 an important project in shaping the future of cryptocurrency exchanges.


NCFA Jan 2018 resize - X10 Launches Hybrid Crypto Exchange with $6.5 MillionThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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