Two former senior executives from Coinbase, Vishal Gupta and Patrick McCreary, have unveiled TrueX, a new crypto exchange that is set to redefine the market with its focus on stablecoins. The platform will utilize PayPal Holdings Inc.’s PYUSD as its preferred token for transactions, catering primarily to institutional investors in the US and select international markets.
TrueX and Its Place In The Crypto Market
Vishal Gupta, who co-founded TrueX, previously spearheaded the launch of the USDC stablecoin while working at Circle and served as the head of exchange at Coinbase. His co-founder, Patrick McCreary, held the position of senior staff engineer at Coinbase, with both having significant experience at Goldman Sachs.
Gupta expressed his excitement about the launch, stating, “We’ve been waiting weeks for this and I’m excited to announce my new venture! TrueX, a non-custodial, stablecoin-native exchange, represents the next evolution in crypto markets.”
He emphasized that their team’s extensive experience in “running broker-dealers, building matching engines, and launching stablecoins” positions them uniquely to innovate within the crypto exchange market. Gupta shared, “Our goal is to continue to innovate in the market space. And who better to do it than a team who has built many matching engines, who have run broker dealers, have worked at Goldman Sachs, launched one of the largest stablecoins in the world and run one of the biggest crypto exchanges in the world.”
TrueX distinguishes itself by focusing solely on stablecoin transactions, which aligns with the growing demand for digital assets that mitigate the volatility typically associated with cryptocurrencies.
How Will TrueX Work?
The TrueX exchange will primarily utilize PayPal’s stablecoin, PYUSD, which maintains a one-to-one peg with the US dollar. Stablecoins like PYUSD are increasingly popular as safe harbor assets during volatile market conditions and simplify transactions within the crypto ecosystem.
Paxos Trust Co., the issuer of PYUSD, will provide third-party custodian services for TrueX users, ensuring a secure and compliant trading environment. Paxos is also one of the investors backing TrueX, contributing to the exchange’s seed funding round, where TrueX secured approximately $9 million from venture investors, including Hack VC and RRE Ventures.
Reciprocal Ventures expressed their support for the new venture, stating, “We are thrilled to back Vishal Gupta and TrueX, a non-custodial, stablecoin-native exchange representing the next evolution in crypto markets.”
With the global digital currency market continually evolving, TrueX aims to provide a stable and innovative trading platform that addresses the needs of institutional investors while leveraging the benefits of stablecoins.
As TrueX steps out of stealth mode, the crypto world watches closely to see how this new exchange will shape the future of digital asset trading, particularly in the realm of stablecoins. The combined expertise of Gupta and McCreary, along with the backing of significant investors, places TrueX in a promising position to make a substantial impact on the market.
