As a seasoned crypto investor with over a decade of experience in this dynamic market, I find the launch of TrueX, a non-custodial stablecoin exchange, particularly intriguing. Having worked alongside Vishal Gupta and Patrick McCreary at Coinbase and other esteemed institutions like Circle and Goldman Sachs, their expertise and insights are undeniable.
As a crypto enthusiast, I’m thrilled to share that two ex-colleagues from Coinbase, Vishal Gupta and Patrick McCreary, have ventured into the world of digital currencies by launching TrueX – a novel cryptocurrency exchange dedicated primarily to stablecoin trading.
As per the latest announcement, TrueX opted for PayPal’s PYUSD over the popular USDC stablecoin, which was initiated by Gupta during his time at Coinbase, as their preferred currency choice.
This platform strives to provide a smooth trading journey by concentrating on stablecoins, thereby enabling traders to steer clear of the usual price fluctuations that are typical of popular cryptocurrencies such as Bitcoin (BTC).
After a series of weeks in anticipation, I’m thrilled to share the news about my latest endeavor! It’s TrueX (@truex_exchange), an innovative, non-custodial exchange designed specifically for stablecoins. This marks a significant advancement in the crypto market landscape. TrueX is here, ready to make its debut!
— Vishal K. Gupta (@vishalkgupta) September 18, 2024
On TrueX, we’ve developed a system where the matching engine links buyers and sellers directly, thus eliminating the need for the platform to manage assets during transactions. In other words, this exchange operates as a non-custodial one, implying that it doesn’t keep users’ funds. This setup helps minimize certain risks typically found in conventional exchanges.
Digital currencies, such as Stablecoins, are created with the purpose of keeping their worth consistent, often tied to established currencies like the US Dollar for stability.
Gupta and McCreary also worked at Circle and Goldman Sachs.
PYUSD
It’s worth noting that TrueX is employing PayPal’s PYUSD stablecoin instead of traditional options like USDC and Tether (USDT). This move indicates a possible trend towards less conventional stablecoins. The PYUSD is issued by the Paxos Trust Company, who will also be responsible for safeguarding TrueX users’ assets securely.
By embracing stablecoins like PYUSD, TrueX’s strategy could boost PayPal’s stablecoin’s presence in the market, especially as it continues to expand. The exchange differentiates itself by providing swift, secure transactions without necessitating users to shift between conventional financial systems and crypto markets.
As Fortune reports, the platform is set to launch first for institutional traders based in the United States, with intentions to broaden their services down the line.
In a joint effort with RRE Ventures and Hack VC, among others, Paxos took part in the $9 million initial funding round for TrueX.
We’re confident that TrueX, with its innovative non-custodial approach, robust leadership, and dedication to transparency, will thrive in the market. As an investor and service provider, we’re thrilled to be part of this launch and cheer on TrueX’s success.
Walter Hessert, Head of Strategy at Paxos
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2024-09-18 17:44