Vishal Gupta and Patrick McCreary introduced the new crypto exchange TrueX at the Token2049 conference. The exchange aims to offer an innovative approach to trading and settlement using stablecoins.
Development and Launch of TrueX
On Wednesday, Vishal Gupta, former head of exchange at Coinbase, head of USDC at Circle, and a Goldman Sachs veteran, and Patrick McCreary, a former Coinbase engineer, introduced a new crypto exchange called TrueX. This launch comes after over a year of developing this non-custodial crypto exchange, which was unveiled during a side event at the Token2049 conference. Gupta stated that they “rethought the entire process” of trading.
Technical Features of TrueX
Powered by a proprietary matching engine, TrueX efficiently and securely matches trading orders without asset custody using stablecoins. Unlike regulated third-party custodian exchanges, TrueX facilitates trades without controlling or holding the actual assets.
Plans and Goals of the New Exchange
TrueX is True Markets' flagship product and a response to FTX’s collapse. The exchange aims to simplify fiat and crypto swaps, focusing on stablecoins like Tether's USDT and Circle's USDC with minimal slippage. PYUSD, PayPal’s stablecoin, will be the default settlement currency, with plans to support more stablecoins soon. The exchange will target institutional traders, offering spot trading of selected assets and a liquidity program to attract market makers and takers. TrueX has secured $9 million in seed funding from notable crypto entities, including RRE Ventures, Reciprocal Ventures, Hack VC, Paxos, Solana Foundation, and Aptos.
The launch of TrueX represents a significant step in the development of crypto exchanges, offering innovative solutions for trading and settlement with stablecoins.
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