Former Coinbase Execs Debuts Stablecoin-Driven Crypto Exchange—Details
Vishal Gupta and Patrick McCreary, former senior executives at Coinbase, have launched TrueX, a new crypto exchange focusing on stablecoins, with PayPal's PYUSD as the preferred transaction token. TrueX targets institutional investors in the US and select international markets. Stablecoins like PYUSD provide a stable value pegged to the US dollar, facilitating trading of digital assets. Gupta, who co-founded TrueX, has experience in launching stablecoins and managing exchanges, while McCreary has a background in engineering at Coinbase. TrueX aims to innovate in the crypto market by concentrating on stablecoin transactions to address volatility issues. Paxos Trust Co. will offer custodian services for TrueX users, ensuring a secure trading environment. TrueX secured approximately $9 million in seed funding from investors, including Paxos, Hack VC, and RRE Ventures.
