PANews reported on May 20th that according to an exclusive report by Fortune magazine, crypto trading platform True Markets has announced the completion of a $11 million Series A funding round, led jointly by PayPal Ventures and Variant, with existing investors RRE Ventures and Reciprocal Ventures participating. The company was co-founded by former Goldman Sachs and Coinbase employees Vishal Gupta and Patrick McCreary, and will launch a Solana-based trading application for retail investors this week.
True Markets' core trading system TrueX adopts a non-custodial model, with assets hosted through Paxos, currently supporting spot trading for Bitcoin, Ethereum, and Solana. The new mobile application will first support trading of Solana ecosystem tokens, with plans to gradually expand to other mainstream cryptocurrencies during the summer. The platform will review and list new tokens weekly, while also noting concentration of ownership and other risk warnings. True Markets aims to attract new and existing users by optimizing trading speed, fees, and interface design. The company currently has 10 full-time employees and plans to achieve competitive advantages in pricing, speed, and user experience by late summer. Previously, the company raised $9 million in seed funding in fall 2024.
