Ex-Coinbase Execs Launch TrueX Crypto Exchange, Integrate PayPal’s PYUSD

Two former employees of Coinbase, Vishal Gupta and Patrick McCreary, have created a new exchange called TrueX, which focuses on stablecoins.

We’ve been waiting weeks for this and I’m excited to announce my new venture!

TrueX (@truex_exchange), a non-custodial, stablecoin-native exchange representing the next evolution in crypto markets, today announced that we have officially launched out of stealth.

TrueX is the… https://t.co/llT1WPPfgm

— Vishal K. Gupta (@vishalkgupta) September 18, 2024

The platform will primarily use PayPal’s USD (PYUSD) for its operations.

Ex-Coinbase Execs Adopt PYUSD

Gupta and McCreary unveiled TrueX at the ongoing Token2049 conference in Singapore. Notably, even though Gupta was instrumental in launching the USDC stablecoin, he has opted for PYUSD as the main currency for trading on their exchange.

Paxos Trust Company, the issuer of PYUSD, will act as a third-party custodian for TrueX.

Additionally, Paxos has invested in TrueX, participating in its recent seed funding round, which raised $9 million. The exchange is also supported by several venture capital firms, including RRE Ventures, Reciprocal Ventures, Accomplice Blockchain, and Hack VC.

Gupta emphasized on X that TrueX aims to be a non-custodial, stablecoin-native exchange designed to transform the crypto market. The exchange is the flagship product of True Markets, which plans to offer market and liquidity services worldwide.

TrueX will utilize a matching engine to facilitate price discovery by matching buy and sell orders. The platform will not hold any assets, focusing instead on ensuring transactions are executed with stablecoins. The approach seeks to enhance efficiency and transparency by separating execution from custody.

Gupta and McCreary assert that their extensive experience at Coinbase and Goldman Sachs positions them well for this venture.

TrueX Targets U.S. Clients

TrueX’s launch comes shortly after former Mt. Gox CEO Mark Karpeles announced his exchange, EllipX. However, unlike TrueX, which targets United States clients, Karpeles’ platform will operate in Europe.

Currently, the choice to use PayPal’s PYUSD as the default settlement currency on TrueX is temporary. The exchange plans to support other stablecoins, such as USDT and USDC, when it begins trading in the next two to four weeks, ensuring seamless transaction execution.

TrueX will roll out its services in phases, starting with spot trading for a limited selection of major crypto assets. Initially, trading will be available only to institutional traders in the U.S.