Today, a new crypto is launched after more than a year of development. TrueX was founded by Vishal Gupta, who previously served as head of exchange at Coinbase and head of USDC at Circle. Patrick McCreary, a former engineer at Coinbase, is another co-founder of the exchange.
INTEL: Coinbase and Goldman Sachs alum launch TrueX, a new crypto exchange built on stablecoins
— Solid Intel 📡 (@solidintel_x) September 18, 2024
TrueX Aims To Be A Stablecoin-Agnostic Exchange, Similar To How FTX Operated
In an exclusive interview, Gupta spoke with Fortune, saying that TrueX is taking a different approach by building its trading and settlement around stablecoins. “We just rethought the entire thing,” Gupta told Fortune.
However, in the early stages, Truex will operate similarly to Coinbase. Rather than USDC being the primary stablecoin offering, TrueX will be using PayPal’s new PYUSD as its default settlement currency. In other words, PYUSD will act as the equivalent of US dollars on the TrueX platform.
Gupta says that soon after TrueX launches its trading functionality in the next two to four weeks, it aims to become stablecoin agnostic, similar to how the now-defunct FTX exchange operated. This means traders will be able to move between different stablecoins such as USDC, USDT & PYUSD, with TrueX managing the trades with minimal slippage on the backend.
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Paxos Will Be The Qualified Custodian For TrueX, Utilising The Firms Extensive Stablecoin Expertise
Although it hasn’t been officially stated, the decision to use PYUSD as TrueX’s default stablecoin is likely intentional. It separates itself from Coinbase and its ties to USDC while also leveraging the reach and power of PayPal. Paxos is the issuer of PYUSD and has extensive experience and knowledge in the stablecoin sector. The firm previously issued Binance’s ‘BUSD’ and also have its very own tokenized gold token (PAXG), among other stablecoins.
“We live in a world where these are not single-winner games,” Gupta told Fortune. “You look at traditional finance, and if there’s a Goldman Sachs, there’s a Morgan Stanley.”
During its early stages, Truex will offer limited functionality. To begin, traders will be able to use the platform for spot trading of a handful of “head and torso” assets, as Gupta put it, and will only be open to institutional traders. Given Gupta’s background in launching Coinbase’s derivatives business, other products and assets will likely be on the horizon.
Solana Foundation & Aptos Are Among The Investors In $9 Million Funding Round
TrueX will launch under the parent company True Markets and has raised $9 million in a seed funding round from several top crypto-centric investors. The list of investors includes RRE Ventures and Hack VC, along with crypto-native companies such as Paxos, Solana Foundation, and Aptos.
At launch, TrueX will incentivize market makers and takers to participate through a liquidity program, with more details to come soon. Currently, there are no official links to the TrueX platform and no active social media accounts aside from a potential placeholder on X.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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