Key Takeaways
- Two former Coinbase executives have launched a new stablecoin exchange.
- TrueX claims to represent the “next evolution in crypto markets.”
- The exchange promises increased security through segregated execution and custody.
TrueX, a new stablecoin exchange founded by former Coinbase alumni, announced on Sept. 18 that it had launched out of stealth.
The exchange claims it represents the “next evolution in crypto markets.”
What Does TrueX Do?
TrueX is the flagship product of its parent company, True Markets, a cryptocurrency platform dedicated to “innovative trading technology in global markets.”
The company calls its new product a “first-of-its-kind non-custodial, stablecoin-native crypto exchange.”
Enthusiasts have been pursuing stablecoins as a way to combine the benefits of cryptocurrencies with the stability of fiat currencies.
Stablecoins are often seen as a solution to the extreme volatility of most cryptocurrencies, making them more practical for everyday use, international transfers, and other financial applications.
TrueX’s trading platform features a proprietary matching engine, enhanced security from segregated execution and custody, and seamless stablecoin settlement.
True Markets revealed in a press release that at launch, the platform will work with Paxos to utilize its blockchain infrastructure and house PayPal USD as the default settlement currency.
The platform aims to offer a range of stablecoins and allow traders to trade between several in the future.
“With its groundbreaking non-custodial model, strong leadership team and commitment to transparency, we believe that TrueX is well positioned to succeed in the market,” Walter Hessert, Head of Strategy at Paxos, stated.
Who Are Vishal Gupta and Patrick McCreary?
True Markets was founded by Vishal Gupta and Patrick McCreary earlier this year. Gupta, the former Head of Exchange at Coinbase, and McCreary, a former senior staff engineer at the largest exchange in the U.S., have taken a bet on creating an exchange based on stablecoins.
During his time at Coinbase, Gupta helped oversee the strategy and launch of the Coinbase International Exchange, which provides institutional clients with access to perpetual futures and spot markets.
When Does TrueX Launch?
TrueX is expected to launch its trading functionality in the next two to four weeks, Gupta told Fortune.
To reward and incentivize market clients, TrueX is also hosting a Liquidity Program alongside the launch.
The program is open to all institutional clients who will be able to gain discounted taker fees and preferred maker fees.
Kurt Robson is a London-based reporter at CCN, specialising in the fast-moving worlds of crypto and emerging technology. He began his career covering local news in Cornwall after graduating from Falmouth University with First Class Honours in Journalism. There, he cut his teeth on everything from council meetings to missing swans.
He quickly rose through the ranks to become a frontline journalist at several of the UK’s leading national newspapers. Over the years, he has interviewed musicians and celebrities, reported from courtrooms and crime scenes, and secured multiple front-page exclusives.
Following the upheaval of the COVID-19 pandemic, Kurt shifted his focus to technology journalism—just ahead of the AI boom. With a natural curiosity and a trained eye for emerging trends, he has found a new rhythm in reporting on innovation.
At CCN, Kurt's work focuses on the cutting edge of crypto, blockchain, AI, and the evolving digital world. Drawing on his background in people-first reporting and his deep interest in disruptive tech, Kurt delivers stories that are insightful, entertaining, and human-centric.
