- Today, the $6.5 million funded hybrid cryptocurrency exchange X10 emerged from stealth and became live on the testnet.
- The new platform seeks to integrate the finest features of DeFi and CeFi and is led by Ruslan Fakhrutdinov, a former Head of Crypto Ops at Revolut.
With $6.5 million in investment, the hybrid cryptocurrency exchange X10—which uses the StarkEx Layer 2 engine—launched out of stealth on the testnet today.
According to a statement, the platform is funded by angel investors including officials from Revolut and Konstantin Lomashuk, co-founder of Lido, as well as angel investors Tioga Capital, Semantic Ventures, Cherry Ventures, StarkWare, and Cyber Fund.
In order to increase latency, throughput, and liquidity, the platform is made to integrate the portfolio features, speed, and execution of a centralized exchange with the self-custody and on-chain settlement of decentralized exchanges, according to the team. The team asserted that X10 eliminates the danger of money loss in situations similar to the demise of FTX, as well as the transparency and security issues of centralized exchanges.
The founder of X10, a fintech business, is Ruslan Fakhrutdinov, a former Head of Crypto Ops at Revolut with experience in developing financial solutions for millions of users.
With X10, we hope to give our dealers and customers the best of both worlds. According to X10 CEO Fakhrutdinov, picture having total self-custody combined with Binance or Coinbase’s capabilities and speed. The FTX situation must cause the industry to awaken. It urges us to improve on-chain trade settlement, validation, and self-custody in order to boost efficiency and confidence in bitcoin trading.
With order processing, matching, position risk assessment, and transaction sequencing handled off-chain, X10 functions as a hybrid central limit order book exchange. According to the team, market makers gain from the increased latency and throughput since it results in tighter spreads, greater liquidity, and current pricing.
The StarkEx Layer 2 engine is used for on-chain trade settlement management. Furthermore, the system receives market prices from independent oracle pricing providers, which helps prevent price manipulation and guarantees that asset values are appropriately reported.
Former Revolut workers have previously raised money in this area; in 2022, Ayelen Denovitzer and Shailendra Sason raised $3.5 million to develop a cryptocurrency investment platform.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
