Former Coinbase Execs Launch Exchange Powered by PayPal Stablecoin

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Three experienced professionals, who once held key roles at Coinbase, Circle, and Goldman Sachs, are coming together to launch a new kind of cryptocurrency exchange that will rely on PayPal USD (PYUSD) for its transactions.

This team, made up of former Coinbase executives, is about to introduce a platform called TrueX. Set to launch on September 18, TrueX is being promoted as a “non-custodial, stablecoin-native exchange,” meaning users will have full control of their assets while conducting transactions using stablecoins like PYUSD. The platform has already secured $9 million in seed funding, with backing from notable investors such as Paxos, the Solana Foundation, Aptos, RRE Ventures, and more.

In partnership with Paxos, the issuer of PayPal USD, TrueX will use PYUSD as its default settlement currency. This move makes sense, given that PYUSD is gaining momentum in the crypto space, with a market value of over $730 million.

For those new to stablecoins, they are a type of cryptocurrency designed to minimize price fluctuations by being backed by assets such as fiat currency, like the US dollar. PYUSD, in particular, is pegged one-to-one with the US dollar, making it a secure option for transactions in the ever-volatile world of cryptocurrency.

TrueX is poised to bring a new level of stability and accessibility to digital asset exchanges, offering users a familiar currency in PYUSD as they explore the evolving landscape of cryptocurrency.

#Exchange, #Cryptocurrency, #Stablecoin