As X10 comes out of stealth, Tioga Capital, Semantic Ventures, Cherry Ventures, Starkware, and Cyber Fund have all joined the funding round.

Under the leadership of Ruslan Fakhrutdinov, the former head of crypto at Revolut, X10 offers users the functionality and speed of a centralized exchange along with complete self-custody and on-chain trade settlement.

According to X10, centralized exchanges have a significant problem in terms of security and transparency, despite their many advantages, like a large portfolio, excellent latency, and throughput.

"The FTX incident, in which customers received barely a third of their money back, should serve as a warning to the sector. Through on-chain deal settlement, certification, and self-custody, it implores us to strengthen confidence and efficiency in cryptocurrency trading," adds Fakhrutdinov.

The hybrid approach from X10 offers self-custody and on-chain trade settlement along with a wide range of products and faster processing times.

"We want to give our users and traders the best of both worlds with X10," states Fakhrutdinov. Imagine having full self-custody while still having the features and speed of Binance or Coinbase."