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Former Revolut employees launch X10 exchange to fill market gap left by FTX and secure $6.5 million in funding

Raising financing in such an amount confirms investors’ confidence in X10’s potential in the market and can contribute to its rapid growth and development.

Date: 2024-05-02 Author: Marek Stiller
Former Revolut employees launch X10 exchange to fill market gap left by FTX and secure $6.5 million in funding

Former Revolut employees have launched a new cryptocurrency exchange called X10, which raised $6.5 million in its first round of funding. According to a report from Sifted, the platform is intended to fill a gap in the market once occupied by FTX, an exchange founded by now incarcerated Sam Bankman-Fried.

The funding round, which included Semantic Ventures, Cherry Ventures, Starkware and Cyber Fund, was led by Tioga Capital.

X10 was founded by Ruslan Fakhrutdinov, former head of crypto operations at Revolut, Dmitry Krasovsky, former technical manager, and Stefano Franz, former chief crypto engineer.

X10 advertised as a “standalone” exchange.

X10 stands out as a “standalone” cryptocurrency exchange, lying on the border between centralized and decentralized systems. While Bitcoin ‘s origins emphasized decentralization, the cryptocurrency industry has witnessed the rise of centralized platforms such as Coinbase, Kraken and Binance.

These platforms offer convenience and ease of use, but require users to entrust their funds to a central authority. Decentralized exchanges, such as UniSwap, offer users the ability to trade without relying on a central authority, providing greater security and control over assets.

X10 aims to combine the best aspects of both models, allowing users to hold cryptocurrency in their own wallets while executing transactions through a centralized system for a smoother user experience.

“Frankly, the answer has always been in the blockchain technology itself… one of the goals of blockchain is to enable self-care – let’s call it financial freedom.”


The vision behind X10 is to provide financial freedom and ensure transparency and fairness in trading while maintaining user-friendly interfaces.

X10’s trading infrastructure runs primarily on centralized servers, but traders must log in with their cryptocurrency wallets, and all transactions take place directly on the blockchain.

The exchange is aimed at professional investors, similar to FTX’s “built by traders, for traders.” However, Fakhrutdinov suggests that X10 may expand its scope in the future. Meanwhile, the timing of X10’s launch coincides with the resurgence of the cryptocurrency market.

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Fakhrutdinov confirms favorable market conditions and expresses gratitude for the launch during the upswing. The funds raised will be used to further develop the cryptocurrency trading platform, including the creation of a mobile application.

The recent approval of Bitcoin exchange-traded funds (ETFs) by the US Securities and Exchange Commission (SEC) has brought further optimism to the industry.

According to the Bybit Institutional Industry Report released on April 18, centralized cryptocurrency exchanges (CEXs) such as Binance saw a large increase in trading volume between October 2023 and March 2024.

It’s worth noting that OKX saw a 278% increase in 30-day volumes from October, closely followed by Binance, which saw a 239% increase. The Bybit exchange also showed impressive growth, increasing its trading volume by 264% over the same period.

These exchanges exceeded the industry average growth rate of 255%, a Bybit spokesperson confirmed. U.S. exchange Coinbase also showed growth, although it lagged slightly behind, with a 193% increase in trading volume.

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Marek Stiller
Marek Stiller
Founder of the "Cryptocurrency for Beginners" channel on YouTube. He collaborates with Łukasz to form the Arena Trading group, while at the same time being passionate about blockchain technology. His knowledge and experience in the cryptocurrency industry help beginner investors better understand this dynamic market.
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