TrueX Launches

As it unveils a $9 million seed funding round, True Markets has launched TrueX, a venue it describes as a non-custodial, stablecoin-native exchange.

Founded by Vishal Gupta and Patrick McCreary, TrueX offers a proprietary matching engine, segregated execution and custody, as well as stablecoin settlement. The exchange is working with Paxos, which provides blockchain infrastructure and regulated custodial services, to utilise PayPal USD as the default settlement currency.

In conjunction with its launch, TrueX has secured $9 million in seed funding from a group of investors, including RRE Ventures, Reciprocal Ventures, Paxos, Accomplice Blockchain, Hack VC, Solana Foundation, and Aptos.

“Throughout the natural evolution of crypto markets, we’ve seen opportunities to make exchanges safer and more trusted,” says Vishal Gupta, CEO of TrueX. “Clients now demand the security of true segregation of execution and custody. Our team has worked diligently to meet these needs, leveraging the power of stablecoins to facilitate efficient liquidity and settlement solutions.”

Prior to founding TrueX, Gupta was the head of exchange at Coinbase, where he helped oversee the development and strategy, including the launch of the Coinbase International Exchange, which trades perpetual futures for clients outside of the US. Prior to that, he served as head of USDC at Circle, where he oversaw the launch of USDC. He has also served as head of execution at Volant Execution – the execution business of Volant Trading – and as head of US listed options at Goldman Sachs.

McCreary previously served as a senior staff engineer at Coinbase, where he was one of the architects and technical leaders of the Coinbase International Exchange business, he also held senior roles at Volant Execution and Goldman Sachs.

“With increasing institutional adoption of crypto assets, these market participants need a trusted venue that prioritises transparency, execution quality, and asset protection,” says Craig Burel, general partner at Reciprocal Ventures. “TrueX’s non-custodial platform and ultra-low-latency matching engine represent a critical improvement that will drive crypto capital markets forward.”