TrueX, a New Non-Custodial Exchange, Launched by Former Coinbase Executives
Former Coinbase executives launched TrueX, a non-custodial, stablecoin-focused exchange that enhances security by separating order matching and asset custody.
Key points:
- New exchange launched: TrueX is a non-custodial, stablecoin-native platform.
- Founders: The exchange was founded by two former Coinbase executives.
- Focus on security: TrueX separates order execution from asset custody for better security.
- Stablecoin integration: The platform uses stablecoins, including PayPal’s PYUSD, for transactions.
- $9M funding: TrueX raised $9M in seed funding from major crypto investors.
Coinbase Veterans Launch TrueX to Enhance Security in Stablecoin Trading
Two former Coinbase executives, Vishal Gupta and Patrick McCreary, have launched TrueX, a non-custodial stablecoin exchange that prioritizes security.
The exchange, unveiled at the Token2049 conference, directly addresses the rising demand for platforms offering more secure trading by separating trade execution from asset custody.
While many exchanges control assets during trades, TrueX operates differently. By partnering with regulated third-party custodians, they ensure that users’ assets remain secure throughout the trading process.
As a result, TrueX aims to instill greater trust and transparency in its users. Additionally, PayPal’s PYUSD, a stablecoin designed for payment processing, serves as the platform’s default settlement currency.
With the crypto market constantly evolving, the need for secure and efficient exchanges has never been higher. TrueX meets this demand by offering quick and reliable settlements through stablecoins.
Read more: Crypto’s next super app is…PayPal?
In fact, Gupta emphasized that this security-focused approach is what sets TrueX apart from other exchanges.
Furthermore, TrueX raised $9M in seed funding from notable investors such as RRE Ventures, Paxos, and the Solana Foundation. Thanks to this financial backing, TrueX is well-positioned to become a key player in the stablecoin trading ecosystem.
In summary, TrueX’s emphasis on security, combined with its use of stablecoins, could attract a strong user base as it aims to address long-standing concerns in the crypto market.
