According to BlockBeats, on September 18, Bloomberg reported that two former Coinbase executives are launching a cryptocurrency platform called TrueX, which will use PayPal’s stablecoin PYUSD as its preferred trading token. PYUSD issuer Paxos will provide third-party custody services for TrueX users. TrueX will first be open to US institutions and some international institutions in certain regions.
Additionally, Paxos was one of the investors that participated in the startup’s seed round, where TrueX raised $9 million from venture investors including RRE Ventures and Hack VC.
It is reported that before co-founding TrueX, Vishal Gupta served as the head of trading platform at Coinbase. During his tenure at Circle, he was responsible for overseeing the launch of the USDC stablecoin. Patrick McCreary previously served as a senior engineer at Coinbase. Both of them worked at Goldman Sachs Group.
