Goldman Sachs, Coinbase alumni TrueX, a stable coin-centric crypto exchange
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TrueX introduces a stablecoin-centric trading platform, aiming for minimal friction between different stablecoins. The exchange will raise $9 million in seed funding and partner with major crypto investors and companies.
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Vishal Gupta, former head of exchange at Coinbase and Goldman Sachs veteran, and Patrick McCreary, Coinbase engineer, launched a new crypto exchange TrueX, Fortune reported on Wednesday. After more than a year of development, TrueX is entering the market with a special focus on stablecoin-based trading and settlement.
Like other exchanges, TrueX seeks to bridge the gap between fiat and crypto. But the focus on stablecoins makes it unique. Traders can expect seamless transitions between different stable coins with minimal slippage.
Gupta and McCreary believe the crypto industry needs a new approach, especially in the wake of the FTX collapse. The goal is to provide traders with a more stable and predictable trading environment compared to volatile crypto assets such as Bitcoin and Ethereum.
Truex aims to solve the challenges faced by existing exchanges by building trading and settlement infrastructure around Stablecoins.
“We rethought the whole thing,” Gupta told Fortune.
TrueX will set PYUSD, PayPal's flagship stablecoin, as the default settlement currency at launch, the report said, with plans to expand support for a wider range of stablecoins in the near future. The exchange will initially focus on spot trading of selected assets targeting institutional traders.
TrueX operates under True Markets and has received $9 million in seed funding from prominent entities in the crypto space, including RRE Ventures, Reciprocal Ventures, Hack VC, Paxos, Solana Foundation and Aptos. At launch, the platform will feature a liquidity program to attract market makers and takers.
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