On September 18, TrueX officially launched, positioning itself as a “non-custodial, stablecoin-native exchange” designed to enhance security and trust in cryptocurrency trading. The platform has successfully raised $9 million in seed funding from notable investors, including Paxos, the Solana Foundation, and Aptos.
TrueX will primarily utilize PayPal USD (PYUSD), a stablecoin issued by Paxos, as its main settlement currency. With a market cap exceeding $730 million, PYUSD is pegged to the US dollar, providing users with a reliable means for transactions and liquidity. This choice of currency aligns with TrueX’s mission to leverage stablecoins for enhanced trading efficiency and settlement processes.
The exchange was co-founded by Vishal Gupta and Patrick McCreary, both of whom bring significant experience from top financial institutions. Gupta, who previously served as the head of exchange at Coinbase and led USD Coin (USDC) at Circle, is well-equipped to navigate the complexities of the crypto landscape. McCreary, a former senior staff engineer at Coinbase, complements Gupta's expertise with his technical background. Both executives also have prior experience at Goldman Sachs, lending further credibility to TrueX's leadership.
Gupta emphasized that TrueX aims to improve exchange security and build user trust by utilizing stablecoins, which are known for their stability compared to more volatile cryptocurrencies. This focus on liquidity and settlement efficiency is expected to attract institutions looking for reliable trading options in the crypto space.
Initially, TrueX will cater to US-based institutions while also selectively engaging international clients. This strategic approach allows the platform to establish a robust presence in the competitive crypto exchange market.
TrueX's launch comes at a time when institutional interest in cryptocurrency is on the rise. In related news, Singapore’s DBS Bank has announced plans to offer crypto options and structured notes to institutional investors starting in Q4 2024. This move is set to expand access to major cryptocurrencies like Bitcoin and Ethereum, further signaling a growing acceptance of digital assets in traditional finance.
As TrueX enters the market as a non-custodial, stablecoin-native exchange, it aims to carve out a niche by enhancing security, trust, and liquidity for its users. With a strong leadership team and a focus on serving institutional clients, TrueX is poised to make a significant impact in the evolving landscape of cryptocurrency trading. As institutional interest continues to grow, platforms like TrueX will play a crucial role in bridging the gap between traditional finance and the crypto world.
September 2024, Cryptoniteuae