Post-FTX world needs ‘next-generation’ exchange, ex-Coinbase exec says

cryptowiki.ru:

A crypto exchange’s emergence out of stealth earlier this week came nearly two years after one of the industry’s largest players crashed.

Called TrueX, the new company — dubbed as non-custodial and stablecoin-native — seeks to be a “strong alternative” to the segment’s traditional exchange incumbents. “The collapse of FTX highlighted the need for a safer and more trustworthy market model,” TrueX co-founder Vishal Gupta told Blockworks. “This presented an opportunity to build a next-generation exchange from the ground up, one that fully separates trading from custody and integrates stablecoins for settlement.” Gupta, the former head of exchange at Coinbase, created the company with ex-Coinbase engineer Patrick McCreary. Read more from our opinion section: Crypto custodians should learn from TradFi  One of the ways TrueX seeks to differentiate itself is its custody model.

While the exchange helps facilitate settlement, Gupta noted that client assets are held by its “qualified custodial partner,” Paxos, Gupta noted. “Whether driven by regulation or client demand, separating execution from custody is now essential for trust and security,” the executive added.

The ongoing institutional adoption of crypto assets means such market participants “need a trusted venue that prioritizes transparency, execution quality and asset protection,” Reciprocal Ventures general partner Craig Burel said in a statement.