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 is founded by Vishal Gupta, former head of markets at Coinbase, and Patrick McCreary, a former software engineer at Nasdaq-listed Coinbase. This exchange is the flagship product of True Markets. Initially, it will be available to US-based institutions and some international institutions in select regions.
TrueX features a proprietary matching engine that efficiently handles trading orders while ensuring the separation of trade execution and asset custody. The platform is designed to complete transactions smoothly using stablecoins, focusing only on facilitating trades without holding or controlling the assets.
Why PYUSD?
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.
Paxos Trust Co., the issuer of PYUSD for PayPal, will provide third-party custodian services for TrueX’s users. Paxos is also one of the investors in TrueX’s seed funding round, which raised $9 million from venture investors like RRE Ventures and Hack VC.
Gupta emphasized that clients now demand a clear separation between trade execution and asset custody. He stated that TrueX has worked hard to meet these demands, using stablecoins to ensure efficient liquidity and settlement solutions.
As TrueX sets sail with PYUSD, the crypto world watches eagerly—will this new platform redefine trading stability? Stay tuned.
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