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Cryptocurrency News Articles
TrueX Launches First-of-its-Kind Non-Custodial, Stablecoin-Native Crypto Exchange with PayPal USD (PYUSD) as its Preferred Stablecoin
Sep 18, 2024 at 08:02 pm
Funding Round Includes Participation from RRE Ventures, Reciprocal Ventures, Paxos, Accomplice Blockchain, Hack VC, Solana Foundation, and Aptos
TrueX, a non-custodial, stablecoin-native exchange, announced today that it has officially launched out of stealth. TrueX is the flagship product of True Markets, a platform dedicated to offering markets and liquidity as a service globally through reliable, innovative trading technology.
Founded by Vishal Gupta and Patrick McCreary, formerly of Coinbase, Circle, and Goldman Sachs, TrueX is built by a team experienced in developing stablecoins, lending, and exchange infrastructure. TrueX’s advanced trading platform features a proprietary matching engine, the security of segregated execution and custody, and seamless stablecoin settlement. The exchange is working with Paxos, which provides leading blockchain infrastructure and regulated custodial services, to utilize PayPal USD as the default settlement currency. This will facilitate seamless stablecoin settlement with the security and efficiency that customers expect.
In conjunction with its launch, TrueX has secured $9 million in seed funding from a prestigious group of investors, including RRE Ventures, Reciprocal Ventures, Paxos, Accomplice Blockchain, Hack VC, Solana Foundation, and Aptos.
Prior to founding TrueX, Vishal Gupta was the Head of Exchange at Coinbase, where he helped oversee the development, product vision, and strategy of the largest exchange operating in the U.S., including the launch of the Coinbase International Exchange, which trades perpetual futures for clients outside of the U.S. Prior to that, he served as Head of USDC at Circle, where he oversaw the launch and exponential growth of USDC, the largest U.S.-domiciled stablecoin. He has also served as Head of Execution at Volant Execution – the execution business of Volant Trading – and as Vice President and Head of U.S. Listed Options at Goldman Sachs.
Patrick McCreary previously served as a senior staff engineer at Coinbase, where he was one of the key architects and technical leaders of the Coinbase International Exchange business, overseeing U.S. exchange enhancements trading billions in USD volume per day. Patrick also held senior roles at Volant Execution and Goldman Sachs.
Walter Hessert, Head of Strategy at Paxos, stated, “We are excited to support TrueX in their mission to build the next generation of crypto exchanges. TrueX’s approach to merging institutional-grade technology with the unique benefits of stablecoins will provide traders with an unmatched experience. We believe that TrueX has the potential to set a new standard for crypto exchanges.”
Coinciding with the launch, TrueX is also pioneering its Liquidity Program, which aims to reward and incentivize market participants. The program is open to all institutional clients who will be able to gain discounted taker fees and preferred maker fees. To celebrate the launch, clients in the program can also participate in the company’s success through an equity competition for up to $1 million USD of company equity to top volume traders (details on TrueX website listed below).
To learn more about TrueX and join its community, visit https://truex.co/ and follow us on https://x.com/truex_exchange.
About True Markets True Markets is a cryptocurrency platform dedicated to offering markets and liquidity as a service globally through reliable, innovative trading technology. True Markets’ flagship product, TrueX, is a first-of-its-kind non-custodial, stablecoin-native crypto exchange that partners with Paxos to enable seamless stablecoin settlement and ensure unmatched security and efficiency. True Markets was founded in 2024 by Vishal Gupta and Patrick McCreary, formerly of Coinbase, Circle, and Goldman Sachs and key architects of the Coinbase International Exchange business. To learn more, please visit https://truex.co/ or email info@truex.co.
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The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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