Coinbase alumni Goldman Sachs debuts TrueX, a crypto-centric stablecoin exchange

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Vishal Gupta, former head of exchange at Coinbase, and Patrick McCreary, a former Coinbase engineer, have launched a new cryptocurrency exchange, TrueX, Fortune reported Wednesday. After over a year of development, TrueX enters the market with a unique focus on stablecoin trading and settlement.

Like other exchanges, TrueX is trying to bridge the gap between fiat and crypto. But the focus on stablecoins sets it apart. Traders can expect seamless transitions between different stable currencies with minimal slippage.

Gupta and McCreary believe the crypto industry needs a new approach, especially in the wake of the FTX crash. The goal is to provide traders with a more stable and predictable trading environment compared to volatile crypto assets like Bitcoin and Ethereum.

TrueX aims to address the challenges facing existing exchanges by building its trading and settlement infrastructure around stablecoins.

“I just rethought everything,” Gupta told Fortune.

TrueX will set PYUSD, PayPal’s base coin, as the default settlement currency at launch, the report said, 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 traders.

TrueX operates under True Markets and has secured $9 million in seed funding from prominent entities in the crypto space, including RRE Ventures, Reciprocal Ventures, Hack VC, Paxos, Solana Foundation and Aptos. The platform will include a liquidity program to attract market makers and launch participants.

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