Key Takeaways
- TrueX is introducing a stablecoin-centric trading platform, aiming to minimize slippage between various stablecoins.
- The exchange has secured $9 million in seed funding and is working with leading cryptocurrency investors and companies.
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Former Coinbase head of exchange and Goldman Sachs veteran Vishal Gupta and former Coinbase engineer Patrick McCreary have launched a new cryptocurrency exchange called TrueX, Fortune reported on Wednesday. After more than a year of development, TrueX will enter the market focusing on stablecoin-based trading and settlement.
Like other exchanges, TrueX aims to bridge the gap between fiat and cryptocurrencies, but its focus on stablecoins stands out: traders can expect seamless transitions between different stablecoins with minimal slippage.
Gupta and McCleary believe the crypto industry needs a new approach, especially in the wake of FTX's collapse, with the goal being to provide traders with a more stable and predictable trading environment compared to volatile cryptoassets like Bitcoin and Ethereum.
TrueX aims to address the challenges faced by existing exchanges by building a trading and settlement infrastructure around stablecoins.
“We rethought everything,” Gupta told Fortune.
According to the report, TrueX will set PayPal's flagship stablecoin, PYUSD, as the default settlement currency at launch, with plans to expand support for a wider range of stablecoins in the near future. The exchange will initially focus on spot trading of a select group of assets, targeting institutional investors.
TrueX operates under True Markets and has secured $9 million in seed funding from some of the biggest names in the cryptocurrency industry, including RRE Ventures, Reciprocal Ventures, Hack VC, Paxos, Solana Foundation, Aptos, etc. The platform has a liquidity program in place to attract market makers and takers at launch.
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