A group of former Revolut staffers have raised $6.5 million for hybrid cryptocurrency exchange X10.
Tioga Capital, Semantic Ventures, Cherry Ventures, Starkware, and Cyber fund have joined the round for X10 as it emerges from stealth.
Led by Revolut's former head of crypto, Ruslan Fakhrutdinov, X10 promises users the execution speed and features of a centralised exchange, but with full self-custody and settlement of trades on-chain.
X10 says that while centralised exchanges have the advantage of an extensive portfolio and great latency and throughput, they also have a massive flaw: security and transparency.
"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," says Fakhrutdinov.
X10's hybrid model provides self-custody and on-chain trade settlement with a comprehensive product portfolio and enhanced speed.
Says Fakhrutdinov: “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."