ChainCatcher news, the native stablecoin cryptocurrency exchange TrueX announced the completion of a $11 million Series A funding round, led by Accomplice and RRE Ventures, with participation from Reciprocal Ventures, Variant, and payment giant PayPal. The new funds are intended to support external custodians like Paxos Custody in asset protection. Currently, TrueX uses PayPal's stablecoin PYUSD as its preferred trading token, and Paxos provides third-party custody services for TrueX's users, with the service expected to be initially available to U.S. institutions and certain international institutions in some regions.

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.

ChainCatcher news, two former senior employees of Coinbase Global Inc. are launching a cryptocurrency platform called TrueX, which will use PayPal Holdings Inc.'s stablecoin as its preferred trading token. Before co-founding TrueX, Vishal Gupta was the head of exchange at Coinbase. He was responsible for overseeing the launch of the USDC stablecoin during his tenure at Circle Internet Financial Ltd. Patrick McCreary previously served as a senior engineer at Coinbase. Both have worked at Goldman Sachs.