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Revolut's Former Exec Launches $6.5M Crypto Exchange

Finance Magnates

Cryptocoins News / Finance Magnates 63 Views

The former Head of Crypto Operations at Revolut, Ruslan Fakhrutdinov, has launched a cryptocurrency exchange with an investment of $6.5 million. Tioga Capital, Semantic Ventures, Cherry Ventures, Starkware, and Cyber Fund are some of the investors in the new exchange dubbed X10.

Self-Custody and On-Chain Settlement

According to the press release, executives from Revolut and the Founder of Lido, Konstantin Lomashuk, have invested in the crypto platform. X10 combines aspects of a centralized exchange and a decentralized finance (DeFi) platform. It promises full self-custody of digital assets and on-chainsettlement of transactions.

"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," Fakhrutdinov said. 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."

X10's hybrid model promises to instill trust and efficiency in crypto trading, providing users with a solution that combines the best of CeFi and DeFi. The exchange operates as a hybrid central limit order book and handles order processing and matching off-chain.

CeFi and DeFi

According to the firm, this approach enhances market makers' capabilities, resulting in updated prices, tighter spreads, deeper liquidity, and an enhanced user experience. Notably, trade settlement occurs on-chain via the StarkEx Layer 2 engine. X10 uses on-chain settlement and validations, as well as independent Oracle price providers.

Additionally, X10 features multiple trading sub-accounts, order types customizable to the web, and comprehensive market analytics. The exchange expects to launch a mobile app and integrate Telegram bot functionalities. With the upcoming mobile app and Telegram bots, X10 expects to deliver a holistic trading experience across diverse platforms.

Last year, Revolut launched crypto trading services in New Zealand, providing access to over 100 digital currencies. The company's decision to venture into the New Zealand crypto market signaled its commitment to global expansion and diversification. This move grants customers access to educational resources for aspiring crypto traders.

This article was written by Jared Kirui at www.financemagnates.com.
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