According to Techub News, Fortune magazine reported that TrueX, a stablecoin-based cryptocurrency exchange founded by former Coinbase executives, has completed a $9 million seed round of financing. Investors include RRE Ventures, Hack VC, Paxos, Solana Foundation and Aptos.
TrueX's parent company is True Markets, which was co-founded by Vishal Gupta, who was the head of Coinbase Exchange and Circle USDC, and Patrick McCreary, a former Coinbase engineer. TrueX uses PayPal's PYUSD as the default settlement currency and will launch trading functions in the next two to four weeks. In the initial stage, spot trading of top assets will only be open to institutional traders.
