- PayPal’s new stablecoin PYUSD has been selected as the default settlement currency for a newly launched crypto trading platform, TrueX.
- Founded by former Coinbase executives Vishal Gupta and Patrick McCreary, TrueX aims to bring advanced trading functionalities to the market.
- “TrueX plans to start with trading for major cryptocurrencies and will initially settle trades in PYUSD,” said Gupta in a statement.
Discover how TrueX is leveraging PayPal’s PYUSD to revolutionize crypto trading with its institutional-only platform.
TrueX: Revolutionizing Crypto Trading with PYUSD
TrueX, a new entrant in the crypto trading arena, aims to make a significant impact by using PayPal’s PYUSD as its default settlement currency. This platform, developed by True Markets, is the brainchild of two former high-level Coinbase employees, Vishal Gupta and Patrick McCreary. The announcement comes as TrueX moves out of stealth mode, with plans to launch spot market trading in the coming weeks. Initially, the platform will support a few of the largest cryptocurrencies, settling trades exclusively in PYUSD. This stablecoin is currently the fourth largest by market capitalization, following Tether’s USDT, Circle’s USDC, and MakerDAO’s DAI.
Expanding Services and Market Reach
TrueX has ambitious plans beyond its initial offering. According to Gupta, the platform intends to expand its stablecoin settlement options over time and offer additional trading services. Unlike many existing exchanges, TrueX is targeting institutional investors in the United States. This strategic focus comes amidst scrutiny from the U.S. Securities and Exchange Commission, which has criticized many crypto exchanges like Coinbase and Kraken for operating as unregistered brokers and custodians. To navigate this regulatory landscape, TrueX has delegated its custodial responsibilities to Paxos, the issuer of PYUSD.
Funding and Strategic Partnerships
Securing financial backing is crucial for any new venture, and TrueX is no exception. The platform successfully closed a $9 million seed funding round, attracting investment from prominent entities such as RRE Ventures, Reciprocal Ventures, and Hack VC. Notably, the list of investors also includes key stakeholders in the crypto space like Paxos, the Solana Foundation, and Aptos. This influx of capital will be instrumental in driving the development of TrueX’s innovative trading solutions and expanding its market footprint.
Conclusion
TrueX’s entry into the crypto trading market with PYUSD as its default settlement currency marks a significant development. By focusing on institutional investors and ensuring regulatory compliance through strategic custodial partnerships, TrueX is positioning itself as a formidable player in the industry. As the platform rolls out its trading functionalities and expands its service offerings, it will be interesting to see how TrueX influences the dynamics of crypto trading. With strong financial backing and visionary leadership, TrueX is poised to make a substantial impact on the crypto market landscape.
