Former Coinbase executives launched a Crypto Platform that focuses on PayPal’s Stablecoin
According to a previous Bloomberg report, two former top Coinbase Global Inc. Employees unveiled TrueX, a cryptocurrency platform that uses PayPal Holdings Inc.'s stablecoin as the preferred transaction. The purpose of the exchange is to provide a safe and stable trading experience with a focus on PYUSD for its transactions.
Features of TrueX
Founded by Vishal Gupta, who was head of marketing at Coinbase, and Patrick McCreary, a former software engineer at the Nasdaq-listed crypto exchange, the exchange is the flagship product of Real Markets. The TrueX exchange will initially be open to institutions in the US and some international institutions in some regions.
TrueX features a proprietary matching engine to efficiently match transaction orders, secure separation between trade execution and asset protection, and promises seamless transaction completion using a stable coin. The exchange only facilitates trading and does not control or hold actual assets.
Paxos to provide third party tutoring services
PYUSD provides PayPal issuer Paxos Trust Co., a third-party custodian service for TrueX users. Paxos was among the investors in the startup's seed funding round, and Truex has raised $9 million from venture investors including RRE Ventures and Hack VC.
Gupta emphasized that his clients now demand the security of real execution and security separation. The group said it has worked diligently to meet these needs, leveraging the power of stablecoins to facilitate efficient liquidation and settlement solutions.
A special feature of TrueX!
TrueX's decision to work with the PYUSD stablecoin seeks to reduce volatility in the cryptocurrency market. This stablecoin is known for offering price stability among cryptocurrencies. Platform users' ability to trade with PYUSD provides a fast and reliable experience that sets Truex apart from other cryptocurrency exchanges.
