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X10 Crypto Exchange: Bridging Centralized and Decentralized Systems
Former Revolut employees have launched a new crypto exchange called X10, raising $6.5 million in its first funding round. The platform aims to address a void in the market that was once occupied by FTX, the exchange founded by Sam Bankman-Fried.
Introduction to X10
X10 was founded by Ruslan Fakhrutdinov, Dmitrii Krasovskikh, and Stefano Franz, all with backgrounds at Revolut. Unlike Revolut, X10 is a “selfcustodial” crypto exchange, combining centralized and decentralized features.
The Concept of “Selfcustodial” Exchange
While centralized exchanges like Coinbase offer convenience, decentralized exchanges like UniSwap provide enhanced security. X10 aims to offer both by allowing users to hold their cryptocurrency in their wallets while trading through a centralized system.
X10’s Unique Approach
X10’s trading infrastructure operates on centralized servers, but traders must log in with their crypto wallets. All trades occur directly on the blockchain, offering a secure and user-friendly experience.
Market Impact and Future Plans
X10’s launch coincides with the crypto market’s recovery. The funding secured will be used to develop the platform further, including the launch of a mobile app. With the recent approval of Bitcoin ETFs by the SEC, optimism in the industry is high.
Industry Growth and Trends
CEXs like Binance and OKX have seen significant increases in trading volumes, reflecting the industry’s overall growth. Bybit and Coinbase have also experienced notable surges, indicating a positive trend in the market.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
