UK-headquartered X10, a hybrid crypto exchange providing the centralised exchange experience DeFi lacks, has emerged out-of-stealth today with $6.5 million in funding. The investment came from Tioga Capital (invested in NATIX Network and Venly), Semantic Ventures, Cherry Ventures (invested in Saleor and Octomind), Starkware, and Cyber Fund. It also saw participation from notable angels such as executives from Revolut and the founder of Lido, Konstantin Lomashuk.
X10 will use the fresh funding to build a new kind of crypto exchange that combines a Revolut-like user experience with self-custody of funds.
Brainchild of Revolut alumni
X10, a new hybrid crypto exchange was founded by Revolut alumni – former head of crypto operations – Ruslan Fakhrutdinov. The company blends the best of both worlds of CeFi and DeFi. The user experience, product portfolio, and speed are inherited from CeFi exchanges, along with the benefits of decentralisation, which secures transparency and safety through on-chain trade settlement, validation, and self-custody.
X10 aims to complement DeFi-native trust with a comprehensive product portfolio and enhanced speed, offering traders a complete and efficient solution. The company aims to bring efficient and profitable trading practices into the transparent web3 space.
What do users get?
X10 operates as a hybrid Central Limit Order Book (CLOB) exchange. Order processing, matching, position risk assessment, and transaction sequencing are handled off-chain, which ensures great performance. Stellar latency and throughput work to benefit market makers by allowing them to update the order book faster. This leads to up-to-date prices, narrower spreads, deeper liquidity, as well as significantly enhancing UX.
In addition to safety and superior performance, it is designed to offer a user experience within the realm of DeFi that mirrors that of CeFi exchanges and traditional web platforms. It will provide an enhanced trading experience, a premier UX, and a seamless onboarding for retail users.
Ruslan Fakhrutdinov, CEO and Founder of X10, said, “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”.
