A new Bloomberg report shows two former Coinbase workers have launched TrueX, a new crypto platform. The exchange's primary transaction token will be PayPal's PYUSD stablecoin.
TrueX, part of True Markets, was created by Vishal Gupta and Patrick McCreary. It will first focus on US-based and select foreign universities. TrueX has numerous significant features. First off, it uses a patented matching engine for efficient order matching. The platform provides safe segregation of trade execution and asset custody. It also offers frictionless transactions with stablecoins.
TrueX distinguishes itself by focusing on PYUSD and seeking to reduce market volatility. The platform allows for trading without the need to own assets directly.
PYUSD's issuer Paxos Trust Co. will provide third-party custodian services. They also participated in TrueX's $9M seed fundraising round, which included RRE Ventures and Hack VC. Gupta underlined the significance of separating execution and custody to satisfy client needs. The team has tried to use stablecoins to provide effective liquidity and settlement solutions.
TrueX's debut is a significant milestone in the cryptocurrency exchange market, with the potential to provide a more reliable and safe trading environment for institutional investors.
