Former Revolut Employees Launch X10 Exchange to Fill Market Gap Left by FTX, Securing $6.5M in Funding
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, who is currently in prison, according to a report from Sifted .
Tioga Capital led the funding round, with participation from Semantic Ventures, Cherry Ventures, Starkware, and Cyber Fund.
X10 was founded by Ruslan Fakhrutdinov, the former head of crypto operations at Revolut, Dmitrii Krasovskikh, the ex-technical lead, and Stefano Franz, the former lead crypto engineer.
X10 distinguishes itself as a “selfcustodial” crypto exchange, straddling the line between centralized and decentralized systems.
While the early days of Bitcoin emphasized decentralization, the crypto industry has witnessed the rise of centralized platforms like Coinbase, Kraken, and Binance.
These platforms offer convenience and ease of use , but they require users to entrust their funds to a central authority.
Decentralized exchanges, such as UniSwap, offer users the ability to trade without relying on a central authority, providing enhanced security and control over assets.
X10 aims to combine the best aspects of both models by allowing users to hold their cryptocurrency in their own wallets while executing trades through a centralized system for a smoother user experience.
“How can we effectively make sure that this won’t happen again?” he says he asked himself.
“To be honest, the answer was always in the blockchain technology itself…one of the purposes of blockchain is to allow for selfcustody — let’s call it financial freedom.”
The vision behind X10 is to provide financial
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