Former Revolut Exec Raises $6.5M for X10 Hybrid Exchange

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As an experienced analyst in the crypto space, I am intrigued by X10’s entry into the market as a hybrid cryptocurrency exchange utilizing StarkEx Layer 2 technology. With a strong backing of reputable angel investors and a team that includes executives from well-established players like Revolut and Lido, X10 aims to offer the best of both decentralized and centralized exchanges.

X10, a cryptocurrency exchange that combines elements of traditional exchanges with StarkEx’s Layer 2 technology, came out of hiding and began functioning on the testnet with an investment totaling $6.5 million.

I’m thrilled to share that some prominent industry figures have joined the investment team of this crypto project. Among them are executives from Tioga Capital, Semantic Ventures, Cherry Ventures, StarkWare, Cyber Fund, and Revolut, in addition to Lido’s co-founder, Konstantin Lomashuk. Their involvement is a strong validation of the potential of this project.

The team aims to improve latency, data transfer rates, and market depth by merging the autonomy and instant settlement of decentralized exchanges with the efficiency, quick trading capabilities, and management tools of traditional exchanges on this platform.

The team maintains that X10 mitigates the risk of financial losses akin to FTX’s downfall and addresses the transparency and safety concerns associated with decentralized exchanges.

X10’s CEO, Fakhrutdinov, expressed, “X10 aims to provide users and traders an optimal experience. Visualize the advanced functionalities and lightning-fast services akin to Coinbase or Binance, yet with the added security of full self-custody.”

Fakhrutdinov emphasized the importance of the crypto industry taking action in light of the FTX situation. He urged the reinforcement of self-custody, on-chain trade settlement, and validation to boost both efficiency and trust within cryptocurrency transactions.

X10 functions as a hybrid exchange, utilizing off-line order processing to enhance both speed and capacity. Market makers experience the advantage of tighter bid-ask spreads and more substantial liquidity pools due to this improvement.

On X10 trade platform, settlements occur off-site yet linked to the main Ethereum network through StarkEX Layer 2 technology. Trusted oracle services provide real-time and unbiased price data, thereby maintaining transparency and preventing potential price tampering.

As an analyst, I’ve come across the news that Ayelen Denovitzer and Shailendra Sason successfully secured $3.5 million in funding last year for building a cryptocurrency investment platform. It’s important to note that this isn’t their first venture into this field, as they both previously worked at Revolut.

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2024-04-30 20:52