X10, a hybrid crypto exchange founded by former Revolut crypto executive, completes $6.5 million in financing, with Tioga Capital and others participating

BlockBeats news, on April 30, the UK-based hybrid cryptocurrency exchange X10 announced the completion of a $6.5 million financing round, with investors including Tioga Capital, Semantic Ventures, Cherry Ventures, Starkware and Cyber Fund, as well as well-known angel investors such as Revolut executives and Lido founder Konstantin Lomashuk.

X10 was founded by Ruslan Fakhrutdinov, former head of Revolut's crypto business, and aims to combine the advantages of centralized exchanges (CeFi) and decentralized finance (DeFi) to provide users with a Revolut-like experience and fund self-custody functions. The new financing will be used to build a brand-new crypto exchange that provides a high-quality user experience while achieving self-custody of funds.

X10 operates in a hybrid centralized limit order book (CLOB) model. Order processing, matching, position risk assessment and transaction sorting are completed off-chain to ensure high performance. Extremely low latency and high throughput help market makers update order books faster, thereby providing newer prices, narrower spreads, deeper liquidity, and significantly improving user experience.