The former Head of Crypto Ops at Revolut, Ruslan
Fakhrutdinov, has launched a crypto exchange with an investment of $6.5
million. Tioga Capital, Semantic Ventures, Cherry Ventures, Starkware, and
Cyber Fund are some investors in the new exchange dubbed X10.
Self-Custody and On-Chain Settlement
According to the press release, executives from Revolut and
the Founder of Lido, Konstantin Lomashuk, have invested in the crypto exchange.
X10 combines aspects of a centralized exchange and a decentralized finance
platform. It promises full self-custody of digital assets and on-chain
settlement of transactions.
“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,” Fakhrutdinov said.
X10’s hybrid model promises to instill trust and efficiency
in crypto trading, providing users with a solution that combines the best of
CeFi and DeFi. The exchange operates as a hybrid Central Limit Order Book and
handles order processing and matching off-chain.
CeFi and DeFi
According to the firm, this approach enhances market makers’
capabilities, resulting in updated prices, tighter spreads, deeper liquidity,
and an enhanced user experience. Notably, trade settlement occurs on-chain via
the StarkEx Layer 2 engine. X10 uses on-chain settlement and validations, as
well as independent Oracle price providers.
Additionally, X10 features multiple trading sub-accounts,
order types customizable to the web, and comprehensive market analytics. The
exchange expects to launch a mobile app and integrate Telegram bot
functionalities. With the upcoming mobile app and Telegram bot functionalities,
X10 expects to deliver a holistic trading experience across diverse
platforms.
Last year, Revolut launched crypto trading services in New Zealand to provide access to over 100 digital currencies. Revolut’s decision to venture into the New Zealand crypto market signaled its commitment to global expansion and diversification. This move grants customers access to a range of digital currencies and educational resources for aspiring crypto traders.
This article was written by Jared Kirui at www.financemagnates.com.
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