X10, a hybrid crypto exchange that provides the centralized exchange experience DeFi lacks, has launched out of stealth with $6.5 million in funding. The company’s investors include Tioga Capital, Semantic Ventures, Cherry Ventures, Starkware, and Cyber Fund, and notable angels like 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. And with an 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, offering the safety of customer funds and transparency.
The advantages of centralized exchanges are evident. They offer an extensive portfolio and great latency, personalizing to the needs of the vast majority of users. CeFi platforms handle most of the trading volume of perpetuals, the most popular trading product in crypto. But CeFi has a massive flaw, which includes security and transparency. Plus, CeFi risks fund loss if bad actors control the exchange.
X10 provides self-custody and on-chain trade settlement. It aims to complement DeFi-native trust with a comprehensive product portfolio and enhanced speed, offering traders a complete and efficient solution. Revolut alumni founded the company with experience in designing and developing high-quality financial products for millions of users. X10 is led by Ruslan Fakhrutdinov, former Head of Crypto Ops at Revolut.
X10 works 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 benefit market makers by allowing them to update the order book faster. This leads to up-to-date prices, narrower spreads, deeper liquidity, and significantly enhanced 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 and Independent Oracle Price Providers.
Along with safety and superior performance, X10 was designed to offer a user experience within DeFi that mirrors that of CeFi exchanges and traditional web platforms.
KEY QUOTE:
“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.”
- Ruslan Fakhrutdinov, CEO and Founder of X10
