Two ex-senior executives from Coinbase, Vishal Gupta and Patrick McCreary, have announced the launch of TrueX. This new crypto exchange will focus on stablecoins, using PayPal Holdings Inc.\u2019s PYUSD as its \u201cpreferred token for transactions.\u201d<\/p>\n
According to\u00a0a Bloomberg report<\/a>, TrueX aims to cater primarily to institutional investors in the US and select international markets.<\/p>\n This move comes as stablecoins, like PYUSD, have become integral to the crypto ecosystem<\/a>, offering a stable value pegged to the US dollar and serving as a bridge for trading other digital assets.<\/p>\n Vishal Gupta, who co-founded TrueX, previously led the launch of the USDC stablecoin while working at Circle and was also the head of exchange at Coinbase.<\/p>\n According to Bloomberg, his co-founder, Patrick McCreary, was a senior staff engineer at Coinbase<\/a>, with both having backgrounds at Goldman Sachs.<\/p>\n We\u2019ve been waiting weeks for this and I\u2019m excited to announce my new venture!<\/p>\n TrueX (@truex_exchange<\/a>), a non-custodial, stablecoin-native exchange representing the next evolution in crypto markets, today announced that we have officially launched out of stealth.<\/p>\n TrueX is the\u2026 https:\/\/t.co\/llT1WPPfgm<\/a><\/p>\n \u2014 Vishal K. Gupta (@vishalkgupta) September 18, 2024<\/a><\/p>\n Gupta emphasized that their team\u2019s experience in running \u201cbroker-dealers, building matching engines, and launching stablecoins\u201d positions them well to innovate in the crypto exchange market<\/a>. In his words:<\/p>\n Our goal is to continue to innovate in the market space. nd who better to do it than a team who has built many matching engines, who have run broker dealers, have worked at Goldman Sachs, launched one of the largest stablecoins in the world and run one of the biggest crypto exchanges in the world.<\/p>\n As reported by Bloomberg, TrueX differentiates itself from other exchanges by focusing solely on stablecoin transactions, leveraging the growing demand for digital assets<\/a> that can mitigate the volatility typically associated with cryptocurrencies.<\/p>\n The TrueX exchange will primarily use PayPal\u2019s stablecoin, PYUSD, known for its one-to-one peg with the US dollar. Stablecoins like PYUSD are increasingly used as safe harbor assets during volatile market conditions and to simplify crypto-ecosystem transactions.<\/p>\n According to the report, Paxos Trust Co., the issuer of PYUSD, will provide third-party custodian services for TrueX users, \u201censuring a secure and compliant trading environment<\/a>.\u201d<\/p>\n Paxos is also one of the investors backing TrueX, contributing to the exchange\u2019s seed funding round, where TrueX received roughly $9 million from venture investors, including Hack VC and RRE Ventures.<\/p>\n We are thrilled to back @vishalkgupta<\/a> and @truex_exchange<\/a>, a new non-custodial, stablecoin-native exchange representing the next evolution in crypto marketshttps:\/\/t.co\/14bgVHTuLN<\/a><\/p>\nTrueX and Its Place In The Crypto Market<\/h2>\n
How Will TrueX Work?<\/h2>\n