Former Coinbase Executives Launch Crypto Platform Focusing On PayPal’s Stablecoin
According to the latest Bloomberg report, two former high-level Coinbase Global Inc. employees unveiled a crypto platform called TrueX that will use PayPal Holdings Inc.’s stablecoin as its preferred token for transactions. The exchange aims to provide a secure and stable trading experience by focusing on PYUSD for its transactions.
TrueX’s Features
The exchange, founded by Vishal Gupta, former head of markets at Coinbase and Patrick McCreary, a former software engineer at the Nasdaq-listed crypto exchange, is the flagship product of True Markets. The TrueX exchange will first be open to US-based institutions and some international institutions in certain regions.
TrueX features a proprietary matching engine to efficiently match trading orders, secure segregation between execution of trades and asset custody, and promises seamless completion of transactions using stablecoins. The exchange only facilitates trades and does not control or hold the actual assets.
Paxos To Provide Third-Party Custodian Services
Paxos Trust Co., the issuer of PYUSD for PayPal, will provide third-party custodian services to TrueX’s users. Paxos is also among the investors that participated the startup’s seed funding round, in which TrueX raised $9 million from venture investors including RRE Ventures and Hack VC.
Gupta stressed that clients now demand the security of true segregation of execution and custody. He asserted that the team has worked diligently to meet these needs, leveraging the power of stablecoins to facilitate efficient liquidity and settlement solutions.
TrueX’s Distinguishing Feature!
TrueX’s decision to operate with the PYUSD stablecoin seeks to minimize volatility in the cryptocurrency market. This stablecoin is known for providing price stability among cryptocurrencies. The ability for platform users to trade with PYUSD will offer both a fast and reliable experience, which distinguishes TrueX from other cryptocurrency exchanges.
