Friday, September 27, 2024 – The new crypto trading platform TrueX has placed PayPal’s stablecoin (PYUSD) as its initial default settlement currency, reports said.
The groundbreaking model, TrueX was launched by the former executives at Coinbase and Golden Sachs, Vishal Gupta and Patrick McCreary, on September 18.
The platform is a “non-custodial, stablecoin-native exchange” working with PYUSD issuer Paxos to utilize PayPal’s stablecoin for its operations.
The flagship product of True Markets would be accessible exclusively for US institutions, reports said.
Along with the exchange rollout, True Markets has secured $9 million in seed funding round from investors like RRE Ventures, Reciprocal Ventures, Hack VC, Paxos, Solana, and Aptos.
Platform’s stablecoin settlement options would be expanded with the enhancement of the trading services, Vishal Gupta, a founder at TrueX, said.
TrueX also unveiled a liquidity program open to all institutional clients, offering discounted taker fees and preferred maker fees.
