Former senior executives from Coinbase (COIN.US) are building the TrueX trading platform, with PayPal (PYPL.US) stablecoin PYUSD becoming the core trading currency.

Former executives Vishal Gupta and Patrick McCreary of Coinbase Global Inc. (COIN.US) are teaming up to launch an innovative cryptocurrency exchange platform called TrueX. This new platform will use PayPal Holdings Inc.'s (PYPL.US) stablecoin PYUSD as its main trading currency. It is known that Gupta previously served as the exchange lead at Coinbase and oversaw the issuance of the USDC stablecoin at Circle Internet Financial Ltd. McCreary was a senior engineer at Coinbase, and both have experience working at Goldman Sachs Group, Inc. PayPal's PYUSD stablecoin is designed to maintain a 1:1 ratio with the US dollar, serving as a bridge currency within and outside the crypto ecosystem as well as providing a hedge against digital token price fluctuations. TrueX exchange will initially be open to institutional investors in the United States and some international markets. Gupta said, "We are committed to driving innovation in the market. Having an experienced team to achieve this goal is undoubtedly the best choice. Our team members have not only built multiple matching engines and operated brokerage exchanges, but also have valuable experience from Goldman Sachs Group, Inc., launching globally renowned stablecoins, and managing top cryptocurrency exchanges in the world." The establishment of TrueX comes as an opportunity after the collapse of the FTX exchange two years ago. FTX was once one of the largest cryptocurrency exchange platforms globally. Meanwhile, other startups like Backpack Exchange launched by former FTX and Alameda Research employees, and EDX Markets supported by Citadel Securities and Fidelity Digital Assets, are also actively competing for market share. Paxos Trust Co., the issuer of PayPal's PYUSD stablecoin, will provide third-party custody services for TrueX users. Paxos is also one of the investors in TrueX's seed round financing. TrueX has raised $9 million in funding from venture capital firms like RRE Ventures, Hack VC, and Reciprocal Ventures, showing a high level of market recognition for its potential.