TechFlow News — On September 18, according to Fortune, TrueX, a cryptocurrency exchange founded by two former Coinbase executives, officially launched. Built on stablecoins, the exchange has selected PayPal's PYUSD as its default settlement currency and secured $9 million in seed funding. TrueX was co-founded by Vishal Gupta, former head of trading at Coinbase and ex-leader of USDC at Circle, and Patrick McCreary, former engineer at Coinbase. Gupta stated that TrueX has rethought the entire exchange architecture by anchoring both trading and settlement on stablecoins.
TrueX has chosen PayPal’s PYUSD as its default settlement currency, with trading functionality set to roll out within the next two to four weeks. The platform aims to become stablecoin-agnostic, allowing traders to freely switch between different stablecoins such as USDC. Unlike Coinbase, TrueX uses Paxos as its qualified custodian and will offer spot trading services tailored for institutional traders.
TrueX’s parent company, True Markets, has received backing from top-tier crypto investors including RRE Ventures, Reciprocal Ventures, Hack VC, as well as Paxos, Solana Foundation, and Aptos. The exchange plans to incentivize market makers and traders through a liquidity incentive program. Gupta emphasized that the crypto industry is not a winner-takes-all game, and TrueX aims to coexist with established exchanges like Coinbase. As the regulatory landscape continues to evolve, TrueX’s ability to balance compliance requirements with user needs will be critical.
