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X10: Former Revolut, Bitget Employees Raise $6.5M to Pioneer Hybrid Crypto Exchange, Filling the FTX Void

Former employees of Revolut have secured $6.5 million in funding for their crypto exchange venture, X10, aiming to address the void left by the now-defunct FTX. With substantial backing, X10 advocates for a hybrid approach to crypto custody, offering users the benefits of centralized exchanges like Coinbase or Binance while retaining the security and control of self-custody.

The initial funding round of X10, totaling $6.5 million, saw investment from Tioga Capital, Semantic Ventures, Cherry Ventures, Starkware, Cyber Fund, as well as key individuals from Revolut and Lido founder Konstantin Lomashuk. Led by Ruslan Fakhrutdinov, former head of crypto operations at Revolut, along with Dmitrii Krasovskikh and Stefano Franz, X10 seeks to fill the void left by FTX’s demise.

Inspired by FTX’s mismanagement of customer funds, Fakhrutdinov believes blockchain technology can prevent such disasters. X10 promotes self-custody or financial independence, aiming to avoid centralized exchange failures. While decentralized exchanges offer enhanced security, they often lack user-friendly interfaces, attracting only dedicated crypto enthusiasts.

X10 operates on an Optimized Hybrid Model and Enhanced Settlement Architecture, facilitating high-speed trading of perpetuals in the DeFi space while ensuring transaction safety through on-chain trade settlement and validations. The platform employs a hybrid Central Limit Order Book (CLOB) for order processing and matching, along with on-chain settlements using the StarkEx Layer 2 engine to prevent fraudulent transactions.

The emergence of hybrid crypto exchanges like X10 signals a shift in the exchange landscape, offering a balance between security and efficiency. While unlikely to replace centralized exchanges entirely, platforms like X10 must continually demonstrate their ability to provide security, transparency, and user-friendliness to gain widespread adoption.

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