Ex-Revolut executive launches $6.5m crypto exchange

The appeal for new crypto exchanges has not lessened with a former Revolut executive now going ahead with his own hobby horse of a project

Yet, Ruslan Fakhrutdinov, previously Head of Crypto Operations at Revolut, a global payment provider, is serious about his new venture. The payment specialist has launched the X10 cryptocurrency exchange with an initial investment of $6.5m mustered by a number of prominent investors, among which are Semantic Ventures, Cherry Ventures, Cyber Fund, Starkware, Tioga Capital , and others.

This initial funding round has demonstrated the market trust in new projects by established fintech leaders who have orchestrated large projects before and are fully aware of how an innovative product can be turned into a legacy platform.

Speaking of, X10 combines elements of a centralized exchange and decentralized finance, hoping to ensure that it is accountable, transparent, and technologically superior to rivals.

Commenting on his new project, Fakhrutdinov said: “With X10, we want to give our users and traders the best of both worlds. Imagine the features and the speed of Coinbase or Binance but with full self-custody.”

X10 hopes that its hybrid model can make consumers more confident about crypto trading once and for all, and offer a way for the technologies used in centralized and decentralized finance to be merged, while avoiding some of the common pitfalls that other companies have run into, most recently FTX and Binance.

X10 is also planning to launch a dedicated mobile app and also integrate Telegram bots, looking to deliver a holistic trading experience that meet user needs. In the meantime, Fakhrutdinov’s former boss, Revolut, is also looking to get a firmer foothold in the cryptocurrency industry.

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Written by Barney


Barney is co-founder of CryptoGamblingNews.com. When not at work he can usually be found behind a Nikon. He's won numerous international competitions for his photography and volunteers as a content creator for aid organisations in Africa.

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