PANews reported on September 18 that according to Fortune, TrueX, a new stablecoin-based crypto exchage founded by two former Coinbase executives, has completed a $9 million seed round of financing, with participation from crypto investors such as RRE Ventures and Hack VC, as well as crypto companies such as Paxos, Solana Foundation and Aptos. Currently, TrueX operates in a similar way to Coinbase, using PayPal's PYUSD as the default settlement currency. TrueX will launch its trading function in the next two to four weeks, and will only open spot trading of top assets to institutional traders in the initial stage.
TrueX's parent company is True Markets, which was co-founded by Vishal Gupta, who was previously the head of Coinbase Exchange and Circle's USDC director, and Patrick McCreary, a former Coinbase engineer. Vishal Gupta was previously the head of Coinbase's trading platform. During his tenure at Circle, he was responsible for overseeing the launch of the USDC stablecoin. Patrick McCreary previously served as a senior engineer at Coinbase. Both of them worked at Goldman Sachs.
