HomeCoinsAltcoinEx-Revolut Team Launches X10 Exchange to Address Market Void After FTX, Raises...

Ex-Revolut Team Launches X10 Exchange to Address Market Void After FTX, Raises $6.5M in Funding

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Former Revolut Employees Launch X10 Crypto Exchange, Raises $6.5 Million 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 left by FTX, the exchange founded by Sam Bankman-Fried, who is currently in prison.

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, combining centralized and decentralized systems. Users can hold their cryptocurrency in their own wallets while executing trades through a centralized system for a smoother user experience.

The exchange targets professional investors and aims to provide financial freedom and transparency in trading. X10’s launch comes at a time when the crypto market is experiencing a resurgence, with centralized exchanges like Binance and OKX seeing significant increases in trading volumes.

The funding secured by X10 will be used to further develop the platform, including the creation of a mobile app. The recent approval of eleven Bitcoin exchange-traded funds by the US Securities and Exchange Commission has brought further optimism to the industry.

Overall, X10’s launch and the positive market conditions signal a promising future for the new crypto exchange as it aims to carve out its space in the competitive cryptocurrency market.

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