Former Coinbase Executives to Launch Exchange Using PayPal’s Stablecoin
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The TrueX platform, founded by a team of former Coinbase executives, will utilize PayPal’s stablecoin as its primary settlement option.
The platform, called True Markets, secured $9 million in early funding from investors such as Paxos, Solana Foundation, Aptos, RRE Ventures, Reciprocal Ventures, Accomplice Blockchain, and Hack VC.
In a press release, True Markets announced its partnership with Paxos, the issuer of PayPal’s USD stablecoin, PYUSD.
The stablecoin, which has a market capitalization of over $730 million, will serve as the platform’s default settlement currency.
Stablecoins are a type of cryptocurrency that aims to provide price stability by being backed by specific assets or algorithms.
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