Former Revolut Employees Launch X10 Exchange, Securing $6.5M in Funding to Address Market Gap Created by FTX

Former employees of Revolut have recently launched a new cryptocurrency exchange called X10, securing $6.5 million in funding. The platform aims to fill a gap in the market that was once occupied by FTX, a popular 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 differentiates itself as a “selfcustodial” crypto exchange, blending aspects of centralized and decentralized systems. Unlike Revolut, X10 allows users to hold their cryptocurrency in their own wallets while executing trades through a centralized system for a smoother user experience. The exchange primarily operates on centralized servers, but traders must log in with their crypto wallets, and all trades occur directly on the blockchain. X10 targets professional investors, similar to FTX’s approach, but may expand its scope in the future. The launch of X10 coincides with the recovery of the crypto market, and the funding 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. Centralized exchanges like Binance have experienced significant growth in trading volumes, surpassing the industry’s average growth rate. Coinbase, a US-based exchange, also witnessed growth, albeit slightly trailing behind.