True Markets, a New York-based cryptocurrency startup, announced the closing of an $11 million Series A funding round, co-led by Boston-based Accomplice and New York-based RRE Ventures. The round also included participation from Reciprocal Ventures, Variant, and PayPal Ventures, bringing total investment in the company to $20 million. Previous investors include Paxos Ventures and the Solana Foundation.
Alongside this financial milestone, True Markets launched its app on Apple’s App Store. The app operates exclusively on the Solana blockchain and is designed to offer retail users a stablecoin-native DeFi trading experience. As a non-custodial platform, True Markets distinguishes itself by not holding client assets, thereby mitigating a significant risk prevalent among cryptocurrency startups.
The company was founded by former Coinbase executives Vishal K. Gupta and Patrick McCreary. Gupta, who has a background in computer and systems engineering from Rensselaer Polytechnic Institute, played a pivotal role at Coinbase as head of exchange, where he expanded asset coverage and launched two derivatives exchanges. McCreary contributed as a senior engineering leader, aiding in the development of Coinbase’s international exchange.
True Markets aims to address challenges faced by retail traders, such as clunky workflows, unclear pricing, and fragmented liquidity. The platform supports Solana-native assets and utilizes Turnkey’s secure key infrastructure to offer low-cost, high-speed access to cryptocurrency trading. Bryce Ferguson of Turnkey praised True Markets for its innovative approach to combining security and simplicity in the crypto space.
This development is significant because it represents a step forward in making decentralized finance more accessible and user-friendly for retail traders, potentially setting a new standard for the industry. By launching on the App Store, True Markets lowers the barrier to entry for mainstream users, while the Series A funding validates investor confidence in its non-custodial model. The involvement of PayPal Ventures, in particular, signals growing interest from traditional financial players in DeFi solutions.
