Former Coinbase executives founded a new digital asset exchange platform, TrueX, using PayPal USD stablecoin for settlements.
TrueX Platform Launch
On September 18, True Markets unveiled TrueX, a crypto trading platform. The platform secured $9 million in funding from investors like Paxos, Solana Foundation, and Aptos. TrueX will utilize the PYUSD stablecoin from Paxos as its default settlement currency, as confirmed in the company's press release.
TrueX Founding Team
TrueX founders, Vishal Gupta and Patrick McCreary, previously held key roles at Coinbase. Gupta was the head of exchange and also oversaw the launch of the USD Coin at Circle. McCreary, on the other hand, was a senior engineer at Coinbase and was part of the team that developed the company’s International Exchange. Both also worked at Goldman Sachs. Gupta mentioned that they aimed to make exchanges safer and more trusted. Quote_W_A: 'Clients now demand the security of true segregation of execution and custody. Our team has worked diligently to meet these needs, leveraging the power of stablecoins to facilitate efficient liquidity and settlement solutions.' - said Gupta.
Institutional Investor Engagement in Web3
Infrastructures for bringing institutional investors into the Web3 space continue to develop globally. On September 17, Singapore’s DBS Bank announced that it would start offering crypto options and structured notes to institutional investors in the fourth quarter of 2024. These tools allow professional traders to hedge their positions against market volatility.
The launch of the TrueX platform and the expansion of crypto services for institutional investors highlight the growing interest and adoption of digital assets on a global scale.
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