TrueX, a new stablecoin-based crypto exchange founded by two former Coinbase executives, raises $9 million in seed funding.

PANews, September 18 - According to Fortune, TrueX, a new stablecoin-based cryptocurrency exchange founded by two former Coinbase executives, has secured $9 million in seed funding. The round was led by crypto investors like RRE Ventures and Hack VC, as well as crypto companies like Paxos, Solana Foundation, and Aptos.

Currently, TrueX operates similarly to Coinbase, using PayPal's PYUSD as the default settlement currency. TrueX is expected to launch its trading features within the next two to four weeks, initially only opening spot trading of top assets to institutional traders.

TrueX's parent company, True Markets, was co-founded by Vishal Gupta, former head of Coinbase's exchange and former head of Circle's USDC, and Patrick McCreary, a former Coinbase engineer. Gupta previously oversaw the launch of the USDC stablecoin while at Circle. McCreary previously worked as a senior engineer at Coinbase. Both individuals have prior experience working at Goldman Sachs.