Led by former Head of Crypto Ops at Revolut Ruslan Fakhrutdinov, the new platform aims to combine the best of CeFi and DeFi.
X10, a hybrid crypto exchange utilizing the StarkEx Layer 2 engine, launched out of stealth today on testnet with $6.5 million in funding.
The platform is designed to combine the speed, execution and portfolio features of a centralized exchange with self-custody and on-chain settlement associated with decentralized exchanges to improve latency, throughput and liquidity, the team said. X10 avoids the transparency and security flaws of centralized exchanges and the risk of lost funds in cases like the collapse of FTX, the team claimed.
"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,” X10 CEO Fakhrutdinov said. “The FTX situation 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.
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