A group of former Revolut employees has successfully raised $6.5 million for the hybrid cryptocurrency exchange, X10.
Investors in this funding round include Tioga Capital, Semantic Ventures, Cherry Ventures, Starkware, and Cyber Fund, as X10 emerges from stealth mode.
The exchange, led by Ruslan Fakhrutdinov, who was previously head of crypto at Revolut, aims to combine the execution speed and features of centralized exchanges with the benefits of full self-custody and on-chain trade settlement.
Fakhrutdinov highlights a critical issue with centralized exchanges: while they offer extensive portfolios and superior latency and throughput, they also face serious security and transparency concerns. He cites the FTX situation, in which users recovered only a fraction of their funds, as a catalyst for the industry’s need to rebuild trust through on-chain trade settlement, validation, and self-custody.
X10’s hybrid model offers self-custody, on-chain trade settlement, a comprehensive product portfolio, and improved speed. “With X10, we want to give our users and traders the best of both worlds,” says Fakhrutdinov. “Imagine the features and speed of Coinbase or Binance, but with full self-custody.”