coindesk.com
Former Coinbase executives Vishal Gupta and Patrick McCreary announced the debut of non-custodial, stablecoin-focused exchange TrueX.
The exchange segregates order matching and custody while promising security of both processes.
SINGAPORE — Two former Coinbase (COIN) executives unveiled TrueX, a cutting-edge, non-custodial exchange for stablecoin trading, during a side event at the Token2049 conference.
The exchange, founded by Vishal Gupta, former head of markets at Coinbase, and Patrick McCreary, a former software engineer at the Nasdaq-listed crypto exchange, is the flagship product of True Markets, according to an announcement shared with CoinDesk.
TrueX features a proprietary matching engine to efficiently match trading orders, secure segregation between execution of trades and asset custody, while promising seamless completion of transactions using stablecoins. Segregated execution means the exchange only facilitates trades. It does not control or hold the actual assets, which a regulated third-party custodian typically does.
The default settlement currency on the exchange is PYUSD, PayPal's dollar-backed stablecoin designed for payments and issued by Paxos Trust Company.
“Throughout the natural evolution of crypto markets, we've seen opportunities to make exchanges safer and more trusted,” said Gupta, who is also CEO. “Clients now demand the security of true segregation of execution and custody. Our team has worked diligently to meet these needs, leveraging the power of stablecoins to facilitate efficient liquidity and settlement solutions."
With the debut, TrueX has secured $9 million in seed funding from RRE Ventures, Reciprocal Ventures, Paxos, Accomplice Blockchain, Hack VC, Solana Foundation and Aptos.