Two Former Coinbase employees, Vishal Gupta and Patrick McCreary, have launched a stablecoin-focused exchange named TrueX. The platform has adopted PayPal’s PYUSD for its operations ahead of the USDC stablecoin, which Gupta helped launch while working at Coinbase.
Ex-Coinbase Executives Launch Crypto Exchange
Gupta and McCreary announced the debut of their TrueX crypto exchange at the ongoing Token2049 conference in Singapore. Gupta mentioned on his X platform that TrueX will be a non-custodial, stablecoin-native exchange revolutionizing the crypto markets. The crypto exchange represents the flagship product of True Markets, a platform set to offer markets and liquidity as a service globally.
TrueX will feature a matching engine that facilitates price discovery and matches buy and sell orders. The platform will not control any of the assets and will simply ensure that transactions are completed using stablecoins.
The TrueX founders had previously worked at Coinbase. Gupta worked as the head of the exchange, while McCreary was a senior staff engineer at the crypto exchange. Both of them had also previously worked at Goldman Sachs. Gupta is confident that their experience makes them the right individuals for this venture.
Interestingly, despite overseeing the launch of the USDC stablecoin, Gupta has chosen PayPal’s PYUSD as the primary option for stablecoin trading on their platform. As the PYUSD’s issuer, Paxos Trust Company will serve as a third-party custodian for TrueX.
It is worth mentioning that the Stablecoin issuer is also invested in the exchange. They participated in the platform’s seed funding round, which raised $9 million. The exchange is also backed by venture capitalist (VC) firms like Hack VC and RRE Ventures.
TrueX’s launch follows a recent announcement by Mt. Gox’s former CEO, Mark Karpeles, who revealed plans to launch his crypto exchange. However, unlike TrueX, which is focused on US clients, Karpeles’ EllipX exchange will be based in Europe.
A Major Boost For PYUSD
This launch of the TrueX exchange by the ex-Coinbase employees could provide a major boost for PayPal’s PYUSD. PYUSD is currently ranked as the fifth-largest stablecoin with a market cap of $733 million. However, the coin is still well behind the foremost stablecoins, USDT and USDC, which currently boast market caps of $118 and $35 billion, respectively.
USDC’s adoption is also surging as the stablecoin’s issuer Circle has expanded to Brazil and Mexico. USDC will be available in these countries through local bank transfers and real-time payment systems. This is a major boost for the stablecoin, as it has successfully integrated into two of the largest Latin American economies.
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