The New Crypto Exchange X10 with $6.5 Million Raised Funds to Replace the FTX
The creators of the exchange claim that the exchange aims to provide an experience for each trader 10 times better than before while adhering to the principles of keeping funds in the hands of the users themselves and the transparency of transactions.
The X10 cryptocurrency exchange was founded by former employees of Revolut, a popular British-Lithuanian fintech company providing banking services. The exchange came out of the shadows recently, announcing $6.5 million in funding from major investors such as Tioga Capital, Semantic Ventures, Cherry Ventures, Starkware, and Cyber Fund.
On May 1, a message appeared on the official account about opening a test network for friends, partners, and investors.
According to the creators, X10 can offer a mix of decentralized and centralized systems: it will allow the user to store cryptocurrency in their wallet, but orders will be processed through a centralized system. This approach will make the trading process smoother for the user.
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
Ruslan Fakhrutdinov, head of X10 and former head of crypto operations at Revolut, for sifted.eu
On their website, the founders highlighted several main advantages of the X10 platform:
- Security and transparency: Clients have full control of their funds, calculations, and checks within chains, independent Oracle price providers.
- Improved Trading Experience and Performance: Same level of performance as centralized exchanges, and an experience significantly superior to any hybrid exchange or DEX thanks to X10's unique trading and settlement architecture.
- Enhanced User Experience: Fully customizable trading screen layout, advanced analytics, extensive portfolio analytics, low commissions and discounts, Telegram bot, etc.
As noted earlier, the exchange plans to take FTX's place. According to the head of the new exchange, X10, like FTX, which positioned itself as “created by traders for traders,” is aimed at professional investors. Fakhrutdinov says he knows this market very well since he oversaw the future release of the Revolut cryptocurrency exchange for advanced traders.
The founders consider the current bull run a plus for the expected launch. Fakhrutdinov says he is “lucky” that the 10-person X10 team is launching at the start of a bull market. The received funding for $6.5 million will be used for the further development of the cryptocurrency trading platform, in particular, for the development of a mobile application.
