Former Coinbase Executives Launch TrueX: A Stablecoin-First Exchange and PayPal USD Settlement Network

TrueX, founded by former Coinbase executives Vishal Gupta and Patrick McCreary, has officially launched True Market, a stablecoin-native and non-custodial crypto trading platform. Backed by a $9 million seed round from investors such as Solana Foundation, Aptos, Paxos, and others, TrueX aims to revolutionise the trading landscape with its non-custodial platform and focus on stablecoin settlements.

PayPal's PYUSD as Preferred Settlement Coin

A key feature of the platform is the integration of PayPal’s stablecoin, PYUSD, which will be the primary stablecoin for settlements. TrueX has chosen Paxos, the company responsible for issuing PYUSD, to provide its infrastructure. Paxos, known for previously issuing Binance USD (BUSD), ceased minting BUSD after regulatory direction from the New York Department of Financial Services but remains a key player in the stablecoin space.

Vishal Gupta, co-founder and CEO of TrueX, was previously Head of Exchange at Coinbase and played a major role in developing USDC, a leading stablecoin issued by Circle. Patrick McCreary, TrueX’s co-founder and CTO, is also a former Coinbase engineer, who contributed to building the Coinbase International Exchange. Together, they bring deep expertise in crypto infrastructure to TrueX.

Read more: PayPal’s PYUSD Stablecoin: Surpassing Ethereum on Solana

TrueX Secures $9 Million in Funding from Solana Foundation and Top Venture Firms to Advance Crypto Capital Markets

The platform’s $9 million funding round attracted investments from major industry players including the Solana Foundation, Aptos (a Layer-1 blockchain), and prominent venture capital firms like RRE Ventures, Reciprocal Ventures, and Hack VC. TrueX’s innovative liquidity solutions, which cater to the evolving demands of traders for security and efficiency, have received praise from investors. Craig Burel, General Partner at Reciprocal Ventures, highlighted TrueX's non-custodial platform and low-latency matching engine as critical advancements that will push crypto capital markets forward.

Focus on Non-Custodial Trading and Institutional Appeal

TrueX is designed to address the demand for secure, segregated execution and custody. By utilising stablecoins like PYUSD, the platform facilitates efficient liquidity and settlement solutions, catering primarily to institutional clients. To celebrate its launch, TrueX is rolling out a Liquidity Program for institutional traders, offering discounted fees and incentives to drive participation. Additionally, the platform will host an equity competition, giving top-volume traders the chance to win up to $1 million in company equity.

With its focus on non-custodial trading and stablecoin-driven liquidity, TrueX is poised to be a major player in the future of cryptocurrency capital markets.

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