X10 Launches Hybrid Crypto Exchange Backed by $6.5M Funding

London,
April
30th – X10,
a
hybrid
crypto
exchange
providing
the
centralized
exchange
experience
DeFi
lacks,
launches
out-of-stealth
today
with
$6.5M
in
funding.
The
company’s
investors
include Tioga
Capital, Semantic
Ventures, Cherry
Ventures, Starkware,
and Cyber
fund — along
with
notable
angels
such
as
executives
from
Revolut
and
the
founder
of
Lido,
Konstantin
Lomashuk.

X10
provides
users
with
the
execution
speed
and
features
of
a
centralized
exchange,
but
with
full
self-custody
and
settlement
of
trades
on-chain.
With
its
Optimized
Hybrid
Model
and
Enhanced
Settlement
Architecture,
X10
will
enable
users
to
perform
perpetuals
trading
in
DeFi
with
superlative
latency
and
throughput,
which
will
improve
liquidity
and
UX.
At
the
same
time,
X10
inherits
ideas
of
on-chain
trade
settlement,
validation,
and
self-custody
from
DeFi
exchanges,
which
guarantee
both
the
safety
of
customer
funds
and
transparency.
Traders
are
invited
to
participate
in
the
team’s
testnet
product,
available
today.

The
advantages
of
centralized
exchanges
are
evident:
they
offer
an
extensive
portfolio
and
great
latency
and
throughput,
catering
to
the
needs
of
the
vast
majority
of
users.
Notably,
most
of
the
trading
volume
of
perpetuals,
the
most
popular
trading
product
in
crypto,
is
handled
by
CeFi
platforms.
However,
CeFi
has
a
massive
flaw:
security
and
transparency.
As
was
the
case
with
FTX
and
many
other
popular
centralized
exchanges,
CeFi
carries
the
risk
of
fund
loss
if
bad
actors
control
the
exchange.
In
contrast,
the
design
of
X10,
which
provides
self-custody
and
on-chain
trade
settlement,
avoids
this
issue.
X10
aims
to
complement
DeFi-native
trust
with
a
comprehensive
product
portfolio
and
enhanced
speed,
offering
traders
a
complete
and
efficient
solution. 

X10
was
founded
by Revolut
alumni
with
experience
in
designing
and
developing
high-quality
financial
products
for
millions
of
users.
The
company
is
led
by Ruslan
Fakhrutdinov,
former Head
of
Crypto
Ops
at
Revolut. 

Ruslan
Fakhrutdinov,
CEO
and
Founder
of
X10, said, “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”. 

Performance 

X10
operates
as
a
hybrid
Central
Limit
Order
Book
(CLOB)
exchange.
Order
processing,
matching,
position
risk
assessment,
and
transaction
sequencing
are
handled
off-chain,
which
ensures
great
performance.
Stellar
latency
and
throughput
work
to
benefit
market
makers
by
allowing
them
to
update
the
order
book
faster.
This
leads
to
up-to-date
prices,
narrower
spreads,
deeper
liquidity,
as
well
as
significantly
enhancing
UX.

Trade
settlement
occurs
on-chain
through
the
StarkEx
Layer
2
engine,
guaranteeing
self-custody
and
transparency,
which
are
also
ensured
through
On-Chain
Settlement
and
Validations,
as
well
as
Independent
Oracle
Price
Providers.
The
former
safeguards
against
fraudulent
or
incorrect
transactions
that
contradict
the
on-chain
trading
logic;
this
is
because
X10
settles
each
trade
on
the
blockchain,
utilizing
on-chain
validations
embedded
in
smart
contracts.
The
latter,
by
sourcing
market
prices
from
independent
oracle
providers,
protects
against
potential
price
manipulation,
ensuring
an
equitable
and
accurate
reflection
of
asset
values
within
our
ecosystem. 

User
experience

In
addition
to
safety
and
superior
performance,
X10
is
designed
to
offer
a
user
experience
within
the
realm
of
DeFi
that
mirrors
that
of
CeFi
exchanges
and
traditional
web
platforms:

• 
  Enhanced
  trading
  experience: X10
  offers
  multiple
  trading
  sub-accounts,
  a
  wide
  range
  of
  advanced
  order
  types,
  partial
  liquidation
  logic,
  an
  advanced
  API,
  and
  a
  professional-grade
  SDK.

• 
  Premier
  UX: X10
  provides
  a
  customizable
  web
  interface
  and
  advanced
  market
  and
  portfolio
  analytics
  among
  other
  features
  —
  which
  include
  order
  book
  depth
  charts,
  funding
  rate
  and
  open
  interest
  histories.

• 
  Seamless
  onboarding
  for
  retail
  users: streamlined
  and
  secure
  wallet
  creation
  with
  social
  accounts,
  premier
  on-
  and
  off-ramping
  options
  provided
  through
  trusted
  global
  partners,
  and
  trading
  convenience
  on
  the
  go
  with
  our
  upcoming
  mobile
  app
  and
  Telegram
  bot.

About

X10
is
building
a
fully-fledged
self-custody
exchange
that
provides
the
experience
of
a
centralized
exchange
in
DeFi.
X10
was
created
by
Revolut’s
former
Head
of
Crypto
Operations,
along
with
others
formerly
working
for
Revolut
who
have
expertise
in
designing
and
developing
high-quality
financial
products
for
millions
of
users.
X10
aims
to
bring
efficient
and
profitable
trading
practices
into
the
transparent
web3
space. 

For
more
information,
please
visit https://x10.exchange/