TrueX is founded by Vishal Gupta, who worked with Coinbase as the director of the exchange, and Patrick McCreary, a senior engineer from Coinbase.
Two former Coinbase employees are launching a cryptocurrency platform called TrueX that will use PayPal’s stablecoin as its preferred token for transactions, Bloomberg reported Tuesday.
TrueX is being founded by Vishal Gupta, who worked at Coinbase as director of the exchange, and Patrick McCreary, a senior engineer at the crypto exchange. Gupta previously spearheaded the USDC stablecoin at Circle Internet Financial, and both executives had stints at Goldman Sachs.
The two are bringing their experience in stablecoin development and at some of the largest financial institutions to the new venture.
“Our goal is to continue to innovate in the market space,” Gupta said. “And who better to do it than a team who has built many matching engines, who have run broker dealers, have worked at Goldman Sachs, launched one of the largest stablecoins in the world and run one of the biggest crypto exchanges in the world.”
TrueX is joining a growing cohort of startups that are looking to capitalize on the market gaps created by the collapse of FTX two months ago. Other notable entries include Backpack Exchange, which is being founded by former FTX and Alameda Research employees, and EDX Markets, a crypto trading platform that is being backed by Citadel Securities and Fidelity Digital Assets.
The new exchange is looking to fill the void in the institutional market, given its team’s deep background in both traditional finance and cryptocurrency. And as stablecoins become an increasingly critical bridge in the crypto ecosystem, TrueX’s focus on PYUSD could give institutions more stability amid the volatility of digital assets.
The issuer of PYUSD, Paxos Trust Co., will also act as the third-party custodian for TrueX’s users, adding another layer of security for institutional investors that are flocking to the platform.
Paxos is also among the investors backing TrueX, having participated in a $9 million seed funding round that also included venture capital firms RRE Ventures and Hack VC.
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