Ex-Coinbase Workers Start Stablecoin Focused Crypto Exchange (1)

Two former high level Coinbase Global Inc. employees are launching a cryptocurrency platform called TrueX that will use PayPal Holdings Inc.’s stablecoin as its preferred token for transactions.

Prior to co-founding TrueX, Vishal Gupta was the head of exchange at Coinbase. He oversaw the launch of the USDC stablecoin while at Circle Internet Financial Ltd. Patrick McCreary previously served as a senior staff engineer at Coinbase. Both also worked at Goldman Sachs Group Inc.

Stablecoins such as PayPal’s PYUSD are designed to track the value of US dollars one-for-one and are primarily used as bridge currencies in and out ...