On Wednesday, Vishal Gupta, former head of exchange at Coinbase, head of USDC at Circle, and a Goldman Sachs veteran, and Patrick McCreary, a former Coinbase engineer, introduced a new crypto exchange called TrueX.
This launch comes after over a year of developing this non-custodial crypto exchange, which was unveiled during a side event at the Token2049 conference. With TrueX, they hope to present a unique approach to trading and settlement built around stablecoins. In Gupta’s words, “We just rethought the entire thing.”
Read also: Circle Sees Stablecoins Becoming the Core of the Digital Economy
Powered by a proprietary matching engine, TrueX efficiently and seamlessly matches trading orders and executes trades securely without asset custody using stablecoins. With segregated execution, TrueX sets itself apart from regulated third-party custodian exchanges. Unlike them, TrueX facilitates trades without controlling or holding the actual assets.
This new crypto exchange is True Markets' flagship product and a response to FTX’s collapse. Like most digital asset exchanges, TrueX aims to make fiat and crypto swaps easy. Yet, unlike other platforms, TrueX focuses on stablecoins, offering traders safe swaps between a basket of fiat-pegged tokens like Tether's USDT and Circle's USDC with close to no slippage.
PYUSD, PayPal’s flagship stablecoin, will be the default settlement currency on TrueX once it launches. However, there are plans to support more stablecoins soon after. The exchange will also target institutional traders, with an initial focus on spot trading of a select group of assets. TrueX will introduce a liquidity program at launch to attract market makers and takers.
Under True Markets, this new exchange has secured $9 million in seed funding from notable crypto entities, including RRE Ventures, Reciprocal Ventures, Hack VC, Paxos, Solana Foundation, and Aptos.
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