Share this article
Former Coinbase Executives Introduce Stablecoin-Native Exchange TrueX
TrueX says it caters to rising client demand for truly secure segregation between execution and custody.
Sep 18, 2024, 12:00 p.m.
Make us preferred on Google
- Former Coinbase executives Vishal Gupta and Patrick McCreary announced the debut of non-custodial, stablecoin-focused exchange TrueX.
- The exchange segregates order matching and custody while promising security of both processes.
SINGAPORE — Two former Coinbase (COIN) executives unveiled TrueX, a cutting-edge, non-custodial exchange for stablecoin trading, during a side event at the Token2049 conference.
The exchange, founded by Vishal Gupta, former head of markets at Coinbase, and Patrick McCreary, a former software engineer at the Nasdaq-listed crypto exchange, is the flagship product of True Markets, according to an announcement shared with CoinDesk.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
TrueX features a proprietary matching engine to efficiently match trading orders, secure segregation between execution of trades and asset custody, while promising seamless completion of transactions using stablecoins. Segregated execution means the exchange only facilitates trades. It does not control or hold the actual assets, which a regulated third-party custodian typically does.
The default settlement currency on the exchange is PYUSD, PayPal's dollar-backed stablecoin designed for payments and issued by Paxos Trust Company.
“Throughout the natural evolution of crypto markets, we've seen opportunities to make exchanges safer and more trusted,” said Gupta, who is also CEO. “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."
With the debut, TrueX has secured $9 million in seed funding from RRE Ventures, Reciprocal Ventures, Paxos, Accomplice Blockchain, Hack VC, Solana Foundation and Aptos.
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
How the ultra-wealthy are using bitcoin to fund their yacht upgrades and Cannes trips
Cometh founder Jerome de Tychey is applying DeFi lending and borrowing on platforms like Aave, Morpho, and Uniswap to structures that help the ultra-wealthy secure loans against their massive crypto fortunes.
What to know:
- Wealthy investors who hold much of their fortune in crypto are increasingly turning to decentralized finance platforms to secure flexible credit lines without selling their digital assets.
- Firms like Cometh help family offices and other rich clients navigate complex DeFi tools, using assets such as bitcoin, ether and stablecoins to replicate traditional Lombard-style collateralized loans.
- DeFi loans can be faster and more anonymous than traditional bank credit but carry volatility and liquidation risks, and Cometh is also experimenting with applying DeFi strategies to traditional securities via ISIN-based tokenization.
Top Stories
