- TrueX, founded by a former Coinbase exec, has launched True Market, a stablecoin-native and non-custodial crypto trading platform.
- The company has also completed a $9 million seed funding from investors including Solana Foundation, Aptos, Paxos, and others.
- “With the support of our talented team and committed investors, we are proud to unveil a next-generation platform that redefines trader expectations,” said Vishal Gupta, Co-Founder and CEO of TrueX.
Discover the latest in crypto trading with TrueX’s innovative platform backed by $9 million in seed funding.
Introduction of True Market and Its Unique Features
True Market, unveiled by TrueX, marks a significant advancement in the crypto trading landscape. This platform is designed to be stablecoin-native and non-custodial, ensuring the security and efficiency of transactions. Leveraging PayPal’s PYUSD for settlements, True Market aims to revolutionize how traders interact with crypto markets.
Significant Backing and Strategic Funding
This launch comes on the heels of an impressive $9 million seed funding round. Investors like Solana Foundation, Aptos, Paxos, and several venture capital firms have shown strong support. Such substantial backing underscores the market’s confidence in TrueX’s potential to innovate within the crypto trading sphere.
Leadership and Vision Behind TrueX
TrueX was co-founded by Vishal Gupta and Patrick McCreary, both veterans from top-tier crypto and financial organizations like Coinbase and Goldman Sachs. Their combined expertise drives TrueX’s commitment to delivering top-notch trading solutions. Under Vishal Gupta’s leadership, the company leverages his experience from the development of USDC at Circle to forge ahead in the crypto market infrastructure.
Technological Infrastructure and Security
TrueX employs Paxos for its underlying infrastructure, a name synonymous with reliability in the crypto space. Paxos, known for previously issuing Binance USD (BUSD) and now managing PYUSD, ceased minting BUSD last year after regulatory directives but remains a pivotal player in the market. TrueX’s reliance on Paxos ensures robust and secure trading operations.
Market Reception and Future Outlook
The reception to TrueX’s launch has been overwhelmingly positive, with industry leaders like Craig Burel of Reciprocal Ventures praising its non-custodial platform and low-latency matching engine. These technological advancements are poised to push the boundaries of crypto capital markets.
Innovative Programs for Traders
To entice institutional traders, TrueX is rolling out a Liquidity Program with attractive fee discounts and incentives. Additionally, the platform will host an equity competition, offering up to $1 million in company equity to top volume traders. Such initiatives signal TrueX’s commitment to fostering an active and engaged trading community.
Conclusion
TrueX is set to redefine the crypto trading landscape with its innovative, stablecoin-native platform. Strong financial backing, expert leadership, and cutting-edge technology converge to make True Market a promising hub for crypto traders seeking security, efficiency, and reliability. With strategic programs to support its launch, TrueX is aptly positioned to make a lasting impact on the market.
