TrueX, a new cryptocurrency exchange, has been launched that will focus on stablecoin-based trading and settlement. This launch comes after more than a year of development, and it’s backed by $9 million in seed funding from major crypto-focused investors like Paxos, Solana Foundation, and Aptos.
A New Approach to Crypto Exchanges
Co-founded by Vishal Gupta, former head of exchange at Coinbase, and Patrick McCreary, a former Coinbase engineer, stated that TrueX aims to differentiate itself by focusing on stablecoin-based trading and settlement.
Initially, TrueX will use PayPal’s PYUSD as its default stablecoin, similar to how Coinbase uses USDC. Additionally, TrueX plans to allow users to trade between different stablecoins with minimum slippage. With this development, TrueX aims to stand alongside giants like Coinbase by offering a unique trading experience.
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Gupta, who helped Coinbase integrate stablecoins like USDC, says TrueX has been designed to make trading easier by using stablecoins as the backbone of its system.
The key features of TrueX
- Institutional Focus: TrueX will cater exclusively to institutional traders at launch.
- Limited Spot Trading: Initially, the platform will offer limited spot trading of a few key assets.
- Liquidity Program: TrueX plans to incentivize market participants with liquidity program to encourage early adoption.
- Advanced Products: More advanced products like derivatives may be added soon as Gupta hinted.
While still in its early stages, TrueX is poised to bring new competition to the global crypto exchange landscape.
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