X10, a hybrid cryptocurrency exchange that makes use of the StarkEx Layer 2 engine, emerged from stealth today and went live on the testnet with $6.5 million in investment.
As per the announcement, the platform counts Tioga Capital, Semantic Ventures, Cherry Ventures, StarkWare, Cyber Fund, and Revolut executives among its angel investors, along with Lido co-founder Konstantin Lomashuk.
The platform is intended to enhance latency, throughput, and liquidity, according to the team by combining the self-custody and on-chain settlement associated with decentralized exchanges with the speed, execution, and portfolio features of a centralized exchange.
According to the team, X10 eliminates the danger of losing money in situations similar to the demise of FTX, as well as the transparency and security issues of centralized exchanges.
Ruslan Fakhrutdinov, the former Head of Crypto Ops at the fintech company, is the leader of X10, which was created by former Revolut personnel with experience creating financial solutions for millions of customers.
X10 CEO Fakhrutdinov stated, “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.”
Fakhrutdinov added that the industry needs to wake up because of the FTX scenario. It exhorts it to strengthen self-custody, on-chain trade settlement, and validation to increase efficiency and trust in cryptocurrency trading.
X10 is a hybrid exchange with off-chain order processing, offering improved latency and throughput. This benefits market makers with narrower spreads and deeper liquidity.
Trade settlement on X10 is on-chain with StarkEx Layer 2. Independent oracle price providers ensure accurate asset values, guarding against price manipulation.
Ayelen Denovitzer and Shailendra Sason raised $3.5 million in 2022 to develop a cryptocurrency investment platform, so this isn’t the first time former Revolut employees have raised money in this field.
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