X10 Emerges as Crypto Savior, Offering Security and Efficiency in FTX Aftermath

Former Head of Crypto Operations at Revolut, Ruslan Fakhrutdinov, has launched a new cryptocurrency exchange called X10. Backed by investors such as Tioga Capital, Semantic Ventures, Cherry Ventures, Starkware, and Cyber Fund, the exchange combines aspects of centralized and decentralized finance (DeFi) platforms, offering self-custody of digital assets and on-chain settlement of transactions.

X10: A Revolutionary Cryptocurrency Exchange Emerges from the Ashes of FTX, Offering Unparalleled Security and Efficiency

In the wake of the catastrophic collapse of FTX, the cryptocurrency industry has been left reeling, with trust in centralized exchanges shattered and confidence in digital assets waning. Amidst this turmoil, a beacon of hope has emerged: X10, a groundbreaking cryptocurrency exchange that aims to restore faith in the crypto ecosystem.

Led by Ruslan Fakhrutdinov, the former Head of Crypto Operations at Revolut, X10 has secured a substantial $6.5 million investment from a consortium of renowned venture capital firms, including Tioga Capital, Semantic Ventures, Cherry Ventures, Starkware, and Cyber Fund. This impressive backing underscores the caliber of the team and the unwavering belief in the future of the platform.

A Hybrid of CeFi and DeFi: The Best of Both Worlds

X10 stands apart from its competitors by seamlessly blending the advantages of centralized and decentralized finance (DeFi). This innovative model grants users the unparalleled security, speed, and liquidity of centralized exchanges, without sacrificing the transparency and autonomy of DeFi platforms.

"With X10, we want to give our users and traders the best of both worlds," emphasizes Fakhrutdinov. "Imagine the features and 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."

X10's hybrid architecture operates as a central limit order book, handling order processing and matching off-chain. This approach empowers market makers to enhance liquidity, resulting in updated prices, tighter spreads, and a superior user experience. Moreover, trade settlement occurs on-chain via the StarkEx Layer 2 engine, which ensures immutability and transparency.

Self-Custody and On-Chain Settlement: A Bastion of Security

In light of the FTX debacle, X10 places paramount importance on the self-custody of digital assets and the immutability of on-chain settlement. This unwavering commitment to user sovereignty and asset protection distinguishes X10 from its centralized counterparts.

"The FTX situation exposed the inherent risks associated with centralized exchanges," explains Fakhrutdinov. "Users realized that their funds were not truly in their control, which led to massive losses when the exchange collapsed. We believe that self-custody is the cornerstone of true ownership in the crypto ecosystem, and X10 provides that essential element of security."

Comprehensive Trading Features and Seamless Integrations

X10 boasts a comprehensive suite of trading features designed to cater to the needs of both novice and experienced traders alike. Multiple trading sub-accounts, customizable order types, and in-depth market analytics empower users to execute trades with precision and efficiency.

To further enhance the user experience, X10 is developing a dedicated mobile app and Telegram bot integrations. These upcoming functionalities will enable traders to access the platform and manage their trades on the go, ensuring a seamless and convenient trading experience across diverse platforms.

Revolut's Crypto Expansion: A Global Commitment

Last year, Revolut, where Fakhrutdinov previously held a senior role, made a strategic move by launching crypto trading services in New Zealand, providing access to over 100 digital currencies. This move signaled Revolut's commitment to global expansion and diversification, while also providing customers with educational resources to empower aspiring crypto traders.

Conclusion

X10 is poised to revolutionize the cryptocurrency trading landscape by offering an unprecedented combination of security, efficiency, and user empowerment. Its hybrid model, self-custody approach, and comprehensive trading features provide a compelling alternative to centralized exchanges, addressing the industry's trust deficit and ushering in a new era of transparency and reliability in crypto trading.