Former Coinbase Executives Launch TrueX Using PayPal’s PYUSD Stablecoin for Trading

COINOTAG news, September 18, according to Bloomberg, two former Coinbase executives are launching a cryptocurrency platform named TrueX, which will utilize PayPal’s stablecoin PYUSD as its preferred trading token. PYUSD issuer Paxos will offer third-party custody services for TrueX users. The platform will initially cater to US institutions and select international institutions in certain regions. Additionally, Paxos is an investor in the startup’s seed funding round. TrueX successfully raised $9 million from venture capital firms such as RRE Ventures and Hack VC. Prior to co-founding TrueX, Vishal Gupta was the head of the trading platform at Coinbase, where he supervised the launch of the USDC stablecoin during his tenure at Circle. Patrick McCreary, who was a senior engineer at Coinbase, also co-founded the platform. Both Gupta and McCreary have professional experience at Goldman Sachs.