Former Revolut Executive Rolls Out $6.5 Million Crypto Trading Platform

Ruslan Fakhrutdinov, the former Head of Crypto Operations at Revolut, has initiated the establishment of a cryptocurrency exchange with a total investment of $6.5 million. Cyber Fund, Starkware, Cherry Ventures, Semantic Ventures, and Tioga Capital are among the investors in this newly formed exchange dubbled X10.

Revolut Seeks To Cultivate Efficiency And Trust In Cryptocurrency Trading

As per the official press release, executives affiliated with Revolut and Konstantin Lomashuk, the Founder of Lido, have contributed investments to the cryptocurrency platform. X10 integrates features of both a decentralized finance (DeFi) and a centralized exchange platform. It pledges complete self-custody of digital assets and on-chain settlement of transactions.

Fakhrutdinov stated that with X10, the team aims to provide its traders and users with the optimal combination of features. It comes with the functionalities and swiftness akin to those of Coinbase or Binance, yet has with complete self-custody.

The FTX incident, wherein users only recovered a fraction of their funds, serves as a wake-up reminder for the industry. Moreover, it prompts Revolut to fortify trust and efficacy in cryptocurrency trading via self-custody, validation, and on-chain trade settlement.

X10’s novel hybrid model proposes to cultivate efficiency and trust in cryptocurrency trading. It also offers users a solution that amalgamates the strengths of Decentralized Finance (DeFi) and Centralized Finance (CeFi). The platform manages order processing and matching off-chain and functions as a hybrid central limit order book.

X10 Aims To Provide Comprehensive Market Analytics

According to the company, this strategy augments the capabilities of market makers, resulting in an enriched user interface, increased liquidity, narrower spreads, and updated pricing. X10 employs on-chain settlement and validations, along with autonomous Oracle price providers.

Moreover, X10 features numerous comprehensive market analytics, order types customizable to the web, and trading sub-accounts. The exchange plans to release a mobile application and integrate Telegram bot features. With the upcoming Telegram bots and mobile app, X10 aims to provide a comprehensive trading experience across various platforms.

Last year, Revolut introduced a cryptocurrency trading service in New Zealand, offering access to more than 100 digital assets. The firm’s choice to explore the New Zealand cryptocurrency market indicated its dedication to worldwide expansion and diversification. This action offers clients the opportunity to access educational materials tailored for prospective cryptocurrency traders.

Revolut is an international digital banking institution and financial technology firm headquartered in London, United Kingdom. Established in 2015 by Vlad Yatsenko and Nikolay Storonsky, it provides a range of banking services tailored for both individual consumers and businesses.