X10, a London, UK-based hybrid crypto exchange company, raised $6.5M in funding.
Backers included Tioga Capital, Semantic Ventures, Cherry Ventures, Starkware, and Cyber fund — along with angels such as executives from Revolut and the founder of Lido, Konstantin Lomashuk.
The company intends to use the funds to expand operations and development efforts.
Led by Founder and CEO Ruslan Fakhrutdinov, X10 is a hybrid crypto exchange providing the centralized exchange experience DeFi lacks. They say their optimized hybrid model and enhanced settlement architecture will enable users to perform perpetuals trading in DeFi, which will improve liquidity and UX. At the same time, the company leverages on-chain trade settlement, validation, and self-custody from DeFi exchanges, which guarantee both the safety of customer funds and transparency.
It offers multiple trading sub-accounts, a wide range of advanced order types, partial liquidation logic, an advanced API, and a professional-grade SDK. The exchange also provides a customizable web interface and advanced market and portfolio analytics among other features — which include order book depth charts, funding rate and open interest histories, as well as streamlined and secure wallet creation with social accounts, premier on- and off-ramping options provided through trusted global partners, and trading convenience on the go with its upcoming mobile app and Telegram bot.
Commenting on the news, Ruslan Fakhrutdinov said: “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.”
FinSMEs
30/04/2024