TrueX will initially use PayPal's PYUSD as its default settlement currency.
Photo: PayPal Community Blog
Key Takeaways
- TrueX introduces a stablecoin-centric trading platform, aiming for minimal slippage between various stablecoins.
- The exchange secures $9 million in seed funding and collaborates with major crypto investors and companies.
Vishal Gupta, former head of exchange at Coinbase and a Goldman Sachs veteran, and Patrick McCreary, a former Coinbase engineer, have launched a new crypto exchange, TrueX, Fortune reported on Wednesday. After over a year of development, TrueX is entering the market with a unique focus on stablecoin-based trading and settlement.
Like other exchanges, TrueX seeks to bridge the gap between fiat and crypto. But its focus on stablecoins sets it apart. Traders can expect seamless transitions between various stablecoins with minimal slippage.
Gupta and McCreary believe that the crypto industry needs a fresh approach, particularly in the wake of FTX’s collapse. The goal is to offer traders a more stable and predictable trading environment compared to volatile crypto assets like Bitcoin and Ethereum.
TrueX aims to address the challenges faced by existing exchanges by building its trading and settlement infrastructure around stablecoins.
“We just rethought the entire thing,” Gupta told Fortune.
TrueX will set PYUSD, PayPal’s flagship stablecoin, as the default settlement currency at launch, the report noted, with plans to expand support to a wider range of stablecoins in the near future. The exchange will initially focus on spot trading of a select group of assets, targeting institutional traders.
TrueX operates under True Markets and has secured $9 million in seed funding from prominent entities in the crypto space, including RRE Ventures, Reciprocal Ventures, Hack VC, Paxos, Solana Foundation, and Aptos. The platform will feature a liquidity program to attract market makers and takers at launch.
