- TrueX’s Focus on PayPal’s PYUSD Aims to Offer Stable Trading Solutions
- Ex-Coinbase Executives Bring Expertise to TrueX, Targeting Institutional Users
- TrueX Secures $9M Funding, Partners with Paxos for Secure Asset Management
Two former Coinbase executives have teamed up to create a new cryptocurrency exchange called TrueX. This platform will primarily use PayPal’s stablecoin, PYUSD, as its main operating token. The venture aims to utilize their deep experience in the crypto and financial sectors to bring innovation to the digital currency world.
Experienced Leadership at the Helm
Vishal Gupta, who previously headed the exchange division at Coinbase, and Patrick McCreary, a former senior staff engineer at the same company, are the co-founders of TrueX. Both Gupta and McCreary have a wealth of experience from their past roles, including time spent at Goldman Sachs.
Gupta played a key role in the launch of the USDC stablecoin while at Circle Internet Financial Ltd., bringing valuable knowledge to the new project. Their combined experience positions TrueX as a strong contender in the ever-changing cryptocurrency market.
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PYUSD: The Foundation of TrueX
TrueX will initially serve US-based institutions and certain international entities. The exchange will mainly utilize PayPal’s PYUSD, a stablecoin tied to the US dollar, for transactions.
Stablecoins like PYUSD have a one-to-one ratio with the dollar and are used for converting in and out of crypto assets. They offer stability in contrast to the volatility often seen with many digital tokens.
They offer a haven from the volatility associated with many digital tokens. This focus on a stablecoin is intended to provide a more stable trading environment and attract institutions wary of market fluctuations.
A New Chapter in Crypto Exchange Platforms
TrueX is entering a competitive market shaped by the FTX collapse. The failure of FTX has opened doors for new entrants, with startups like Backpack Exchange and EDX Markets gaining popularity.
TrueX plans to stand out by combining advanced technology with stability through its use of PYUSD. Additionally, Paxos Trust Co., the issuer of PYUSD, will handle third-party custodial services for TrueX, ensuring secure and reliable asset management for its users.
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TrueX has also secured $9 million in seed funding from well-known investors including RRE Ventures and Hack VC. This financial backing highlights investor confidence in TrueX’s potential to innovate and gain market share in the aftermath of recent industry turmoil.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
