Cryptocurrency trading platform TrueX completes $9 million in funding, with participation from Hack VC and others

2024-09-18 19:42:39

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ChainCatcher news, according to Bloomberg, two former executives from Coinbase 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 initially be open to U.S. institutions and certain international institutions in some regions.

Additionally, Paxos is also one of the investors participating in the seed round financing of this startup, with TrueX raising $9 million from venture capitalists such as RRE Ventures and Hack VC.

It is reported that before co-founding TrueX, Vishal Gupta served as the head of trading at Coinbase. During his time at Circle, he was responsible for overseeing the launch of the USDC stablecoin. Patrick McCreary previously worked as a senior engineer at Coinbase. Both have worked at Goldman Sachs.

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