X10 launches hybrid cryptocurrency exchange with $6.5 million in funding
London, April 30 – X10, a hybrid cryptocurrency exchange that offers a centralized exchange experience that DeFi lacks, launched stealthily today with $6.5 million in funding. The company’s investors include: tioga capital, Semantic Ventures, Cherry Ventures, starkwareand cyber fund — Along with notable angels including Revolut’s executives and Lido founder Konstantin Lomashuk.
X10 provides users with the execution speed and functionality of a centralized exchange, but with full self-custodial and on-chain transaction settlement capabilities. With an optimized hybrid model and improved settlement architecture, X10 allows users to perform perpetual transactions in DeFi with the highest latency and throughput, improving liquidity and UX. At the same time, X10 inherits the idea of on-chain transaction settlement, verification, and self-storage from DeFi exchanges, ensuring both safety and transparency of customer funds. Traders are invited to participate in the team’s testnet product, available starting today.
The advantages of centralized exchanges are clear. It offers a broad portfolio and excellent latency and throughput to meet the needs of most users. In particular, the majority of perpetual trading volume, which is the most popular trading product in cryptocurrencies, is handled by CeFi platforms. However, CeFi has major flaws in terms of security and transparency. As is the case with FTX and other popular centralized exchanges, CeFi carries the risk of losing funds if a malicious actor takes control of the exchange. In contrast, X10’s design, which provides self-custodial and on-chain transaction settlement, avoids these issues. X10 aims to provide traders with a complete and efficient solution by complementing DeFi native trust with a comprehensive product portfolio and enhanced speeds.
X10 was founded by: A Revolut graduate with experience designing and developing high-quality financial products for millions of users. The company is led by: Ruslan ParkrutdinovPrior Head of Cryptocurrency Operations at Revolut.
Ruslan Fakhrutdinov, CEO and founder of X10 said, “With X10 we want to give users and traders the best of both worlds. Imagine the features and speed of Coinbase or Binance. But you also have the right to complete self-management. The FTX situation, where users are only getting a third of their funds back, is a wake-up call for the industry. Through this, we urge you to strengthen trust and efficiency in cryptocurrency transactions. On-chain transaction settlement, verification and self-storage“.
Performance
X10 operates as a hybrid CLOB (Central Limit Order Book) exchange. Order processing, matching, position risk assessment, and transaction sequencing are handled off-chain, ensuring superior performance. Superior latency and throughput benefit market makers by allowing them to update their order books faster. This significantly improves UX as well as up-to-date prices, tighter spreads, and deeper liquidity.
Transaction settlement takes place on-chain via the StarkEx Layer 2 engine, ensuring self-custodianship and transparency, which is ensured through on-chain settlement and verification as well as independent oracle price providers. The former prevents fraudulent or incorrect transactions that violate the on-chain transaction logic. This is because X10 utilizes on-chain verification embedded in smart contracts to settle each transaction on the blockchain. The latter protects against potential price manipulation by sourcing market prices from independent oracle providers and ensures that asset values are fairly and accurately reflected within the ecosystem.
user experience
In addition to safety and superior performance, X10 is designed to provide a user experience within the DeFi space that mirrors the experience of CeFi exchanges and traditional web platforms.
Improved trading experience: X10 offers multiple trading sub-accounts, a wide range of advanced order types, partial liquidation logic, advanced APIs, and professional-grade SDKs.
Premier UX: X10 offers a customizable web interface and advanced market and portfolio analytics, among other features including order book depth charts, funding rates and open interest history.
Seamless onboarding for retail users: Create a simple and secure wallet for convenient trading on-the-go through social accounts, the best on- and off-ramp options available through trusted global partners, and a soon-to-be-launched mobile app and Telegram bot.
for
X10 is building a full-fledged self-custodial exchange that provides a centralized exchange experience in DeFi. X10 was created with Revolut’s former head of cryptocurrency operations and others who have worked at Revolut with expertise in designing and developing high-quality financial products for millions of users. X10 aims to bring efficient and profitable trading practices to the transparent web3 space.
For more information, please visit: https://x10.exchange/
