The dynamic world of cryptocurrency welcomes a new player aiming to shake things up: X10. Launched by Ruslan Fakhrutdinov, former Head of Crypto Operations at Revolut, X10 boasts a unique hybrid model backed by a $6.5 million investment from industry heavyweights like Tioga Capital and Semantic Ventures.
X10 promises a revolutionary approach, combining the user-friendly features and speed of centralized exchanges (CeFi) with the enhanced security of decentralized finance (DeFi). “We want to give users the best of both worlds,” explains Fakhrutdinov. “Imagine having the features and speed of popular platforms like Coinbase or Binance, but with the added security of full self-custody.” This self-custody feature, where users retain control of their private keys, directly addresses concerns raised by recent events like the FTX collapse, where users lost significant funds.
On-Chain Settlement Meets User Experience
X10 functions as a hybrid central limit order book (CLOB) with off-chain order processing and matching. This approach, according to the company, empowers market makers, resulting in tighter spreads and deeper liquidity, ultimately leading to a smoother user experience. However, unlike traditional CeFi exchanges, X10 leverages the StarkEx Layer 2 engine for on-chain trade settlement and validation. This on-chain element offers greater transparency and immutability compared to off-chain alternatives, providing users with increased confidence in their transactions.
X10 goes beyond just security. The exchange boasts a feature set designed to cater to diverse trading needs. Users can create multiple trading sub-accounts, customize order types to suit their strategies, and utilize comprehensive market analytics tools to make informed decisions. Additionally, X10 plans to launch a mobile app and integrate functionalities with Telegram bots, aiming to provide a comprehensive trading experience across various platforms.
With its focus on security, efficiency, and user experience, X10 positions itself as a potential game-changer in the ever-evolving crypto exchange landscape. While time will tell if it can deliver on its promises and carve a unique space for itself, X10’s hybrid approach is certainly an intriguing development to watch in the months ahead.
