Snapshot
Former employees of Revolut unveil X10, a new “selfcustodial” crypto exchange with $6.5 million in seed funding to fill the niche left by the defunct FTX, promising a blend of security, transparency, and user control.
Why It Matters
X10’s launch represents a significant development in the crypto exchange landscape, introducing a model that combines the autonomy of decentralized systems with the functionality of centralized exchanges. This could redefine user expectations and standards within the crypto trading community, especially in terms of security and self-custody of assets.
By the Numbers
– $6.5 million raised in initial funding
– Participants include Tioga Capital, Semantic Ventures, Cherry Ventures, Starkware, and Cyber Fund
– Centralized exchanges like Binance and OKX witnessed a trading volume surge of 239% and 278% respectively, amidst market recovery
– The market’s average growth rate stands at 255% as of Bybit’s 2024 Institutional Industry Report
What’s Next
The X10 exchange is poised for an ambitious trajectory, targeting professional investors with a prospect of broadening its user base. Given its innovative blend of exchange models and the current bullish market conditions, X10 could significantly impact how users and investors approach crypto trading and asset custody.
The Big Picture
X10’s emergence comes at a pivotal time when trust in centralized exchanges is waning while decentralized platforms gain traction for their security benefits. By addressing this dichotomy, X10 could spearhead a new era in the crypto market that harmonizes user control with efficient trading mechanisms, possibly setting a new standard for exchanges worldwide.
What are your thoughts on the potential of “selfcustodial” exchanges like X10 shaping the future of cryptocurrency trading? Share your insights in the comments below.
