A new era in crypto trading is about to unfold as former Coinbase execs team up.
As per the latest crypto news, a group of former Coinbase executives is making waves in the crypto world with the upcoming launch of their new digital asset exchange, TrueX.
Officially unveiled on September 18, TrueX is being marketed as a “non-custodial, stablecoin-native exchange,” designed to bring a fresh, innovative approach to digital asset trading. The project has already attracted $9 million in seed funding from heavy hitters like Paxos, Solana Foundation, and Aptos.
The platform is set to use PayPal’s stablecoin, PYUSD, as its default settlement currency, thanks to a partnership with Paxos, the stablecoin’s issuer.
With a market cap of over $730 million, PYUSD is one of the most prominent stablecoins, pegged one-to-one with the U.S. dollar. This move aims to provide users with the confidence and security of stable assets in the often volatile world of crypto.
TrueX isn’t just another exchange—it’s built on the expertise of industry veterans. Vishal Gupta, one of TrueX’s co-founders, previously led the exchange operations at Coinbase and played a major role in the launch and growth of USD Coin (USDC) at Circle.
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His co-founder, Patrick McCreary, was a senior staff engineer at Coinbase and one of the architects behind Coinbase’s International Exchange. Together, with their experience at firms like Goldman Sachs, they aim to create a safer, more trusted environment for crypto trading.
Their vision for TrueX is clear: an exchange that puts security and trust at the forefront, using stablecoins to enable more efficient liquidity and settlement solutions. The platform will initially cater to U.S.-based institutions and select international organizations, marking another step in the institutional adoption of crypto.
