TrueX, the exchange founded by Vishal Gupta and former Coinbase engineers, launches, using PYUSD as its default settlement currency.
TrueX, a new exchange founded by former Coinbase engineers, launches after a year in stealth mode.
According to Bloomberg, TrueX, a new cryptocurrency exchange founded by former Coinbase engineers, has officially launched after over a year of operating in stealth mode. TrueX operates similarly to Coinbase, using PayPal's PYUSD as its default settlement currency.
The exchange aims to introduce trading functionality within the next two to four weeks, allowing traders to move between different stablecoins, such as USDC, while minimizing slippage.
In contrast to Coinbase's use of USDC, TrueX's choice of PYUSD appears to be a strategic move to differentiate itself. Gupta, the founder, has stated that TrueX will partner with Paxos to provide qualified custody services and plans to support more stablecoins in the future, offering a wider range of settlement and collateral support.
Initially, TrueX will focus on spot trading of a select group of top and core assets, targeting institutional traders. TrueX, a product of the parent company True Markets, secured $9 million in seed funding from investors such as RRE Ventures, Hack VC, Paxos, Solana Foundation, and Aptos.
