New York, Tuesday, September 24, 2024 – TrueX, a new cryptocurrency exchange, has been officially launched after over a year of development.
Founded by former Coinbase head Vishal Gupta and ex-Coinbase engineer Patrick McCreary, the platform is unique in its focus on stablecoins for both trading and settlement.
Initially, TrueX will use PayPal’s stablecoin, PYUSD, as its default settlement currency, marking a departure from Gupta’s previous work at Coinbase, which is heavily centered around USDC.
However, the exchange plans to evolve and allow the use of multiple stablecoins for settlement, similar to how FTX operated before its collapse in 2022.
TrueX aims to simplify trading by treating stablecoins as equivalents to fiat currencies, making it easier for institutional traders to move between digital and traditional assets.
It will initially offer spot trading on a small selection of assets and plans to expand its product offerings, including derivatives, in the future.
The exchange has raised $9 million in seed funding from notable crypto investors, including RRE Ventures and Paxos. TrueX will start with a liquidity program to incentivize market makers and takers.
