Ex-Revolut Executive Secures $6.5 Million for X10 Hybrid Exchange Launch

Launching its testnet operations on the heels of a stealth phase, X10 has introduced its hybrid crypto exchange platform powered by the StarkEx Layer 2 technology and has attracted $6.5 million in investment funds.

The launch announcement highlights investment from a cadre of backers including Tioga Capital, Semantic Ventures, Cherry Ventures, and StarkWare. Notable angel contributors also comprise Cyber Fund and Revolut executives, as well as Lido co-founder Konstantin Lomashuk.

Designed to significantly improve latency, liquidity, and transaction processing capability, X10 aspires to merge the autonomous control and on-chain resolution of decentralized exchanges (DEXs) with the swift trade execution and broad feature set of centralized exchanges (CEXs).

The team behind X10 declares that their platform stands to mitigate financial risks akin to those seen during the FTX collapse and address the opacity and security concerns that plague centralized exchanges.

At the helm of X10 is Ruslan Fakhrutdinov, erstwhile Head of Crypto Ops at one of the fintech giants, backed by a team of former Revolut experts versed in crafting financial products for a global customer base.

X10’s CEO Fakhrutdinov expressed, “Our objective with X10 is to deliver a seamless integration of CEX-like functionality and speed, encompassed within a DEX model of self-custody.”

Fakhrutdinov further emphasized the driving need for the industry to evolve post-FTX, advocating for fortified self-custody practices, transparent on-chain settlements, and robust validation protocols to foster credibility and efficiency in the crypto trade landscape.

The X10 exchange touts an off-chain order matching system, boasting upgraded latency and throughput. This architecture is a boon to market makers by offering them tighter spreads and an increase in available liquidity.

X10’s embracing of on-chain settlements through StarkEx Layer 2 and the utilization of impartial oracle price feed providers help in maintaining the integrity of asset valuation and in thwarting price manipulation attempts.

This venture isn’t uncharted territory for ex-Revolut veterans; Ayelen Denovitzer and Shailendra Sason previously secured a $3.5 million investment round in 2022 to bring forth a fresh cryptocurrency investment platform.

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