Former Coinbase (COIN.US) executive launches TrueX trading platform PayPal's (PYPL.US) stablecoin PYUSD as core trading currency

Coinbase Global Inc. (COIN.US) former executives Vishal Gupta and Patrick McCreary are launching an innovative cryptocurrency trading platform called TrueX, which will use PayPal Holdings Inc. (PYPL.US) issued stablecoin PYUSD as its primary trading currency. Gupta, who was Coinbase's exchange head and oversaw the issuance of USDC stablecoin at Circle Internet Financial Ltd., and McCreary, a former senior engineer at Coinbase, both have experience at Goldman Group. PayPal's PYUSD stablecoin is designed to maintain a 1:1 exchange rate with the US dollar, aiming to serve as a bridge currency in the crypto ecosystem and hedge against price volatility. TrueX will initially be open to US and some international institutional investors. "We are committed to driving innovation in the market, and a team with rich experience is the best choice to achieve this goal," Gupta said. "Our team members have built multiple matching engines, operated brokerage, and launched a globally recognized stablecoin at Goldman, and managed the world's top cryptocurrency exchange." TrueX is taking advantage of the opportunity that emerged two years after the collapse of FTX, one of the world's largest cryptocurrency exchanges. Meanwhile, other startups such as Backpack Exchange, launched by former FTX and Alameda Research employees, and EDX Markets, backed by Citadel Securities and Fidelity Digital Assets, are also actively grabbing market share. Paxos Trust Co., the issuer of PayPal's PYUSD stablecoin, will provide third-party custody services for TrueX users. Paxos is also one of the seed investors of TrueX. TrueX has raised $9 million from venture capital firms such as RRE Ventures, Hack VC, and Reciprocal Ventures, showing strong market recognition of its potential.