TrueX, a new cryptocurrency exchange will launch, using PayPal's stablecoin as its form of settlement. The crypto platform was unveiled yesterday.
This launch comes after more than a year of development, and it's backed by $9 million in seed funding from major crypto-focused investors like Paxos, Solana Foundation and Aptos.
The USP (Unique Selling Point) of TrueX is simple, it aims to focus on stablecoin-based trading and settlement.
TrueX offers a proprietary matching engine designed to efficiently match trading orders while ensuring secure separation between trade execution and asset custody. This setup enables seamless transaction completion using stablecoins.
The segregated execution model means that the exchange solely facilitates trades without holding or controlling the actual assets. Instead, a regulated third-party custodian typically manages asset custody.
Users can expect to use PayPal's PYUSD as its default stablecoin at launch, with plans to expand support to a wider range of stablecoins in the near future.
But TrueX is working on how it can allow users to trade between different stablecoins with minimum slippage in the future.
With this goal in mind, it has set itself to be a future competitor to Coinbase in the years to come.
Before founding TrueX, Vishal Gupta was the head of exchange at Coinbase. He was also the head of USD at Circle, overseeing the launch and growth of the popular stablecoin.
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His partner in crime, Patrick McCreary, previously worked as a senior staff engineer at Coinbase. He was also one of the leaders and key architects of Coinbase's International Exchange.
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