Founded by Former Coinbase, Circle, and Goldman Sachs Senior Leaders, First-of-its-Kind Crypto Exchange Launches with PayPal USD (PYUSD) as its preferred stablecoin
Funding Round Includes Participation from RRE Ventures, Reciprocal Ventures, Paxos, Accomplice Blockchain, Hack VC, Solana Foundation, and Aptos
TrueX, a non-custodial, stablecoin-native exchange representing the next evolution in crypto markets, announced that it has officially launched out of stealth. TrueX is the flagship product of True Markets, a platform dedicated to offering markets and liquidity as a service globally through reliable, innovative trading technology.
Founded by Vishal Gupta and Patrick McCreary, formerly of Coinbase, Circle, and Goldman Sachs, TrueX is built by a team experienced in developing stablecoins, lending, and exchange infrastructure. TrueX’s advanced trading platform features a proprietary matching engine, the security of segregated execution and custody, and seamless stablecoin settlement. The exchange is working with Paxos, which provides leading blockchain infrastructure and regulated custodial services, to utilize PayPal USD as the default settlement currency. This will facilitate seamless stablecoin settlement with the security and efficiency that customers expect.
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In conjunction with its launch, TrueX has secured $9 million in seed funding from a prestigious group of investors, including RRE Ventures, Reciprocal Ventures, Paxos, Accomplice Blockchain, Hack VC, Solana Foundation, and Aptos.
“Throughout the natural evolution of crypto markets, we’ve seen opportunities to make exchanges safer and more trusted,” said Vishal Gupta, Co-Founder and Chief Executive Officer of TrueX. “Clients now demand the security of true segregation of execution and custody. Our team has worked diligently to meet these needs, leveraging the power of stablecoins to facilitate efficient liquidity and settlement solutions. With the support of our talented team and committed investors, we are proud to unveil a next-generation platform that redefines trader expectations.”
Prior to founding TrueX, Vishal Gupta was the Head of Exchange at Coinbase, where he helped oversee the development, product vision, and strategy of the largest exchange operating in the U.S., including the launch of the Coinbase International Exchange, which trades perpetual futures for clients outside of the U.S. Prior to that, he served as Head of USDC at Circle, where he oversaw the launch and exponential growth of USDC, the largest U.S.-domiciled stablecoin. He has also served as Head of Execution at Volant Execution – the execution business of Volant Trading – and as Vice President and Head of U.S. Listed Options at Goldman Sachs.
Patrick McCreary previously served as a senior staff engineer at Coinbase, where he was one of the key architects and technical leaders of the Coinbase International Exchange business, overseeing U.S. exchange enhancements trading billions in USD volume per day. Patrick also held senior roles at Volant Execution and Goldman Sachs.
“With increasing institutional adoption of crypto assets, these market participants need a trusted venue that prioritizes transparency, execution quality, and asset protection,” said Craig Burel, General Partner at Reciprocal Ventures. “TrueX’s non-custodial platform and ultra low-latency matching engine represent a critical improvement that will drive crypto capital markets forward. Under the visionary leadership of Vishal and Patrick, TrueX is poised to become a force in crypto markets and trading.”
Walter Hessert, Head of Strategy at Paxos, stated, “With its groundbreaking non-custodial model, strong leadership team and commitment to transparency, we believe that TrueX is well positioned to succeed in the market. We’re excited to support TrueX and celebrate this launch as an investor and infrastructure provider.”
Coinciding with the launch, TrueX is also pioneering its Liquidity Program, which aims to reward and incentivize market participants. The program is open to all institutional clients who will be able to gain discounted taker fees and preferred maker fees. To celebrate the launch, clients in the program can also participate in the company’s success through an equity competition for up to $1 million USD of company equity to top volume traders (details on TrueX website listed below).
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