According to the latest Bloomberg report, two former high-level Coinbase Global Inc. employees have launched a new crypto platform called TrueX. This innovative exchange will utilize PayPal Holdings Inc.’s stablecoin, PYUSD, as its preferred token for transactions. By focusing on PYUSD, TrueX aims to offer a secure and stable trading experience for its users.
Founders of TrueX
TrueX is founded by Vishal Gupta, the former head of markets at Coinbase, and Patrick McCreary, a former software engineer at Nasdaq-listed Coinbase. This new exchange is the flagship product of True Markets Inc. Initially, TrueX will be accessible to US-based institutions as well as select international institutions in specific regions.
TrueX’s Features You Should Know
TrueX boasts a proprietary matching engine that efficiently handles trading orders while ensuring the separation of trade execution and asset custody. The platform is designed to complete transactions smoothly using stablecoins, focusing solely on facilitating trades without holding or controlling the assets.
Why PYUSD?
The decision to operate with the PYUSD stablecoin aims to minimize volatility in the cryptocurrency market. PYUSD is known for its price stability among cryptocurrencies. Allowing platform users to trade with PYUSD provides a fast and reliable trading experience, setting TrueX apart from other cryptocurrency exchanges.
Paxos To Provide Third-Party Custodian Services
Paxos Trust Co., the issuer of PYUSD for PayPal, will provide third-party custodian services for TrueX’s users. Paxos is also a notable investor in TrueX’s seed funding round, which successfully raised $9 million from venture investors including RRE Ventures and Hack VC.
Vishal Gupta emphasized the importance of a clear separation between trade execution and asset custody, a demand increasingly voiced by clients. TrueX has diligently worked to meet these demands by utilizing stablecoins to ensure efficient liquidity and settlement solutions.
As TrueX embarks on its journey with PYUSD, the crypto world is watching eagerly. Will this new platform redefine trading stability? Stay tuned for more updates on TrueX and its impact on the cryptocurrency market.
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