Former Coinbase execs launch exchange using PayPal stablecoin

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Former Coinbase execs launch exchange using PayPal stablecoin
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A group of former Coinbase executives have announced the launch of TrueX, a new cryptocurrency exchange that will use the PayPal USD (PYUSD) stablecoin as a settlement method. The group revealed the news on September 18.

According to the announcement, the platform stands out for being a non-custodial crypto exchange and native to stablecoins. TrueX has already secured $9 million in seed funding from investors such as Paxos, Solana Foundation, Aptos, among others.

The PYUSD stablecoin, issued by PayPal, is backed by a 1:1 ratio with the US dollar, which ensures price stability. The TrueX exchange’s proposal is to leverage the strength of stablecoins in order to provide efficient liquidity and settlement solutions, aiming to meet the growing demand for security and trust in the cryptocurrency market.

TrueX exchange was founded by Vishal Gupta and Patrick McCreary, both of whom previously worked at Coinbase. Gupta was previously head of exchange at Coinbase and worked on the development of USD Coin (USDC).

Founders with experience at Coinbase

As he highlighted, the main motivation for the new project was the opportunity to make exchanges safer and more reliable. In addition, he stated that customers are increasingly demanding a clear separation between transaction execution and asset custody.

Meanwhile, McCreary, co-founder of the TrueX exchange, also brings extensive experience in the financial and technology markets. He was one of the main architects of Coinbase’s international exchange.

Both executives, who also held leadership positions at Goldman Sachs, aim to offer an infrastructure that provides greater security and efficiency in transactions, especially for institutions that want to enter the world of digital assets.

The TrueX exchange will initially be available to U.S.-based institutions, with plans to expand to international organizations. The initiative is part of a broader movement to integrate institutions into the Web3 space, which continues to gain momentum globally.

In line with this trend, on September 17, Singapore’s DBS bank announced that it will begin offering crypto options and structured notes to institutional investors in the fourth quarter of 2024. This new offering will allow institutions to gain exposure to Bitcoin and Ether while providing professional traders with tools to hedge their positions against market volatility.

Former Coinbase execs launch exchange using PayPal stablecoin

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Former Coinbase execs launch exchange using PayPal stablecoin

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Former Coinbase execs launch exchange using PayPal stablecoin

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