Former Coinbase executives introduced a new digital asset exchange, TrueX, utilizing PayPal's stablecoin PYUSD as its primary settlement currency.
TrueX Launch and Initial Investments
On September 18, True Markets announced the launch of TrueX, branding it as a non-custodial, stablecoin-native exchange. The project garnered $9 million in seed funding from notable backers, including Paxos, Solana Foundation, and Aptos.
Utilization of PYUSD Stablecoin
According to a press release, TrueX has partnered with Paxos, the issuer of the PayPal USD stablecoin, to adopt PYUSD as the default settlement currency on its platform. PYUSD is backed one-to-one by the United States dollar and boasts a market capitalization exceeding $730 million.
Team Experience and Future Plans
Vishal Gupta and Patrick McCreary, the founders of TrueX, bring a wealth of experience from their tenure at Coinbase and other prestigious financial institutions. Before co-founding TrueX, Gupta led the exchange team at Coinbase, and McCreary was a senior staff engineer and a primary architect of Coinbase’s International Exchange. Both executives also held senior positions at Goldman Sachs. Gupta highlighted the evolving demands of clients who prioritize the security of segregated execution and custody: "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."
TrueX plans to initiate service for U.S.-based institutions and some international entities, aligning with a growing trend of increased institutional support for Web3 integration.
Comments