Former employees of Revolut have recently launched a new cryptocurrency exchange called X10, securing $6.5 million in funding. The purpose of this platform is to fill the gap in the market that was previously occupied by FTX, which was founded by Sam Bankman-Fried, who is currently incarcerated. Leading the funding round is Tioga Capital, with participation from Semantic Ventures, Cherry Ventures, Starkware, and Cyber Fund.
X10 differentiates itself as a “selfcustodial” crypto exchange, combining elements of both centralized and decentralized systems. While the early days of Bitcoin emphasized decentralization, the industry has seen the rise of centralized platforms such as Coinbase, Kraken, and Binance. These platforms offer convenience but require users to trust a central authority with their funds. On the other hand, decentralized exchanges like UniSwap provide enhanced security and asset control. X10 aims to provide the best of both worlds by allowing users to hold their cryptocurrency in their own wallets while executing trades through a centralized system for a smoother user experience.
The vision behind X10 is to ensure financial freedom, transparency, and honesty in trading while maintaining user-friendly interfaces. The trading infrastructure of X10 primarily operates on centralized servers, but traders are required to log in with their crypto wallets, and all trades occur directly on the blockchain. The exchange targets professional investors, similar to FTX’s approach of being “built by traders, for traders.” However, X10 may expand its scope in the future.
The launch of X10 coincides with the recovery of the crypto market. Fakhrutdinov, one of the founders, acknowledges the favorable market conditions and expresses gratitude for launching during a bullish period. The funding raised will be used to further develop the platform, including the creation of a mobile app. The recent approval of eleven Bitcoin exchange-traded funds (ETFs) by the US Securities and Exchange Commission (SEC) has also brought optimism to the industry.
Centralized cryptocurrency exchanges like Binance have experienced significant increases in trading volumes between October 2023 and March 2024. OKX saw a 278% increase in 30-day volumes, followed closely by Binance with a 239% surge. Bybit exchange also demonstrated impressive growth, adding 264% to its trading volumes during the same period. These exchanges have outpaced the industry’s average growth rate of 255%. Coinbase, a US-based exchange, also witnessed growth with a 193% increase in trading volume.
