Ex-Coinbase and Circle Executives Launch TrueX, a New Stablecoin-Native Crypto Exchange

True Markets, founded by former senior leaders from Coinbase and Circle, has unveiled TrueX, a non-custodial, stablecoin-native cryptocurrency exchange. The company, which also draws expertise from Goldman Sachs alumni, announced it has secured $9 million in seed funding.

Vishal Gupta, Co-Founder, TrueX

Prior to founding TrueX, Vishal Gupta was the Head of Exchange at Coinbase, where he helped oversee the development, product vision, and strategy of the largest exchange operating in the U.S., including the launch of the Coinbase International Exchange, which trades perpetual futures for clients outside of the U.S. Prior to that, he served as Head of USDC at Circle, where he oversaw the launch and exponential growth of USDC, the largest U.S.-domiciled stablecoin. 

Patrick McCreary, CTO and Co-Founder TrueX

Gupta's co-founder and CTO, Patrick McCreary, previously served as a senior staff engineer at Coinbase, where he was one of the key architects and technical leaders of the Coinbase International Exchange business, overseeing U.S. exchange enhancements trading billions in USD volume per day. Patrick also held senior roles at Volant Execution and Goldman Sachs.

TrueX aims to differentiate itself with a proprietary matching engine and segregated execution and custody. The platform has partnered with Paxos to use PayPal USD (PYUSD) as its default settlement currency.

Vishal Gupta, Co-Founder and Chief Executive Officer of TrueX, explained the company's vision: "Throughout the natural evolution of crypto markets, we've seen opportunities to make exchanges safer and more trusted. 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 support of our talented team and committed investors, we are proud to unveil a next-generation platform that redefines trader expectations."

The seed funding round included participation from RRE Ventures, Reciprocal Ventures, Paxos, Accomplice Blockchain, Hack VC, Solana Foundation, and Aptos.

Craig Burel, General Partner at Reciprocal Ventures, commented on the launch: "With increasing institutional adoption of crypto assets, these market participants need a trusted venue that prioritizes transparency, execution quality, and asset protection. TrueX's non-custodial platform and ultra low-latency matching engine represent a critical improvement that will drive crypto capital markets forward. Under the visionary leadership of Vishal and Patrick, TrueX is poised to become a force in crypto markets and trading."

Walter Hessert, Head of Strategy at Paxos, added: "With its groundbreaking non-custodial model, strong leadership team and commitment to transparency, we believe that TrueX is well positioned to succeed in the market. We're excited to support TrueX and celebrate this launch as an investor and infrastructure provider."

TrueX is also launching a Liquidity Program to incentivise market participants. The program offers discounted taker fees and preferred maker fees to institutional clients. As part of the launch, the company is running an equity competition for top volume traders, with up to $1 million USD of company equity available.

True Markets was founded in 2024. Prior to his roles at Coinbase and Circle, Gupta also served as Head of Execution at Volant Execution and as Vice President and Head of U.S. Listed Options at Goldman Sachs.

McCreary's background includes senior roles at Volant Execution and Goldman Sachs in addition to his time at Coinbase.