X10 secures $6.5m to launch hybrid cryptocurrency exchange
The funding round was backed by Tioga Capital, Semantic Ventures, Cherry Ventures, and other institutional and angel investors.
≈ £5.2M at $1 = £0.8007 on 30 Apr 2024
X10 is a hybrid cryptocurrency exchange that merges centralised platform performance with decentralised self-custody principles.
X10 has emerged from stealth with $6.5m in funding to build a hybrid cryptocurrency exchange. The round was backed by Tioga Capital, Semantic Ventures, Cherry Ventures, Starkware, and Cyber Fund, alongside angel investors from Revolut and Lido founder Konstantin Lomashuk.
The capital will be directed towards developing a trading platform that matches the user experience of centralised finance with the transparency and self-custody of decentralized finance. X10 uses an off-chain order matching engine paired with on-chain trade settlement to secure funds while maintaining high performance and low latency for market makers.
Founded by former Revolut head of crypto operations Ruslan Fakhrutdinov, the company aims to offer retail users a secure trading environment following industry precedents such as the FTX collapse.
From the founder
"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 at X10
Use of funds
- 01Continue product development
