Two former Coinbase workers, Vishal Gupta and Patrick McCreary, have launched TrueX, a brand new cryptocurrency alternate centered on stablecoin buying and selling.
Based on a press launch, TrueX has chosen PayPal’s PYUSD (PYUSD) as its most well-liked forex as an alternative of the extra extensively used USDC (USDC) stablecoin, which Gupta helped launch whereas at Coinbase.
The platform goals to supply a seamless buying and selling expertise by specializing in stablecoins, permitting customers to keep away from the worth volatility usually related to cryptocurrencies like Bitcoin (BTC).
TrueX will function an identical engine that connects consumers and sellers, guaranteeing transactions are accomplished with out the platform controlling belongings. This makes it a non-custodial alternate, which means it doesn’t maintain customers’ funds, lowering a few of the dangers related to conventional exchanges.
Stablecoins are digital currencies designed to take care of a secure worth, normally pegged to conventional currencies just like the U.S. greenback.
Gupta and McCreary additionally labored at Circle and Goldman Sachs.
PYUSD
TrueX’s use of PayPal’s PYUSD stablecoin is notable, because it suggests a shift away from extra established stablecoins like USDC and Tether (USDT). PYUSD is issued by Paxos Belief Firm, which may also function the custodian for TrueX, holding customers’ belongings securely.
TrueX’s deal with stablecoins and its adoption of PYUSD might assist PayPal’s stablecoin acquire market share, particularly because the platform expands. The alternate goals to face out by providing quick, safe trades with out the necessity for customers to maneuver between conventional monetary techniques and crypto platforms.
Based on Fortune, the alternate will initially be accessible to institutional merchants within the U.S., with plans to broaden its companies over time.
Paxos participated in TrueX’s $9 million seed funding spherical, alongside different buyers reminiscent of RRE Ventures and Hack VC.
“With its groundbreaking non-custodial mannequin, robust management staff and dedication to transparency, we imagine that TrueX is nicely positioned to succeed out there. We’re excited to assist TrueX and have a good time this launch as an investor and infrastructure supplier.”
Walter Hessert, Head of Technique at Paxos