{"id":137471,"date":"2024-09-19T09:30:07","date_gmt":"2024-09-19T06:30:07","guid":{"rendered":"https:\/\/cryptodnes.bg\/en\/?p=137471"},"modified":"2024-09-18T16:29:06","modified_gmt":"2024-09-18T13:29:06","slug":"new-crypto-exchange-taps-paypals-stablecoin-for-settlements","status":"publish","type":"post","link":"https:\/\/cryptodnes.bg\/en\/new-crypto-exchange-taps-paypals-stablecoin-for-settlements\/","title":{"rendered":"New Crypto Exchange Taps PayPal\u2019s Stablecoin for Settlements"},"content":{"rendered":"
TrueX, introduced<\/a><\/strong> on September 18, is branded as a \u201cnon-custodial, stablecoin-native exchange\u201d and has raised $9 million in seed funding from prominent investors including Paxos, Solana Foundation, and Aptos.<\/p>\n The platform will use PayPal USD (PYUSD), issued by Paxos, as its primary settlement currency. PYUSD, a major stablecoin, maintains a market cap of over $730 million and is pegged one-to-one to the US dollar.<\/p>\n Vishal Gupta, formerly head of exchange at Coinbase and head of USD Coin (USDC<\/a><\/strong>) at Circle, co-founded TrueX with Patrick McCreary, a former senior staff engineer at Coinbase.<\/p>\n Both executives previously held senior positions at Goldman Sachs. Gupta noted that TrueX aims to enhance exchange security and trust by leveraging stablecoins for better liquidity and settlement.<\/p>\n Initially, TrueX will cater to US-based institutions and select international clients.<\/p>\n In related news, Singapore\u2019s DBS Bank plans to offer crypto options and structured notes to institutional investors starting in Q4 2024, expanding institutional access to Bitcoin<\/a><\/strong> and Ethereum<\/a><\/strong>.<\/p>\n","protected":false},"excerpt":{"rendered":" A new digital asset exchange called TrueX is set to launch, backed by a team of former Coinbase executives and utilizing PayPal\u2019s stablecoin for transactions.<\/p>\n","protected":false},"author":3,"featured_media":30574,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[22],"tags":[72,280,424,271,266,71],"coin_category":[],"class_list":["post-137471","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-bitcoin","tag-coinbase","tag-crypto","tag-ethereum","tag-solana","tag-stablecoin"],"acf":[],"yoast_head":"\nRead More:<\/h5>\n \n
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