True Markets Raises $11M in Series A, Launches Mobile-First DeFi Trading App on Solana
True Markets, a novel decentralized finance (DeFi) trading platform specializing in stablecoin-based transactions, has launched its mobile application on the Solana blockchain and secured $11 million in Series A funding, bringing its total funding to $20 million. This round was co-led by Accomplice and RRE Ventures, with participation from Reciprocal Ventures, Variant Fund, and PayPal Ventures. Seed investors Paxos Ventures and the Solana Foundation continue their support.
Founded by Coinbase and Circle veterans Vishal Gupta and Patrick McCreary, the New York-based company aims to provide a non-custodial, mobile-first DeFi trading experience for retail users. The platform prioritizes speed, simplicity, and transparency, offering a stark contrast to existing complexities in the market.
The True Markets mobile app facilitates stablecoin-powered token trading on Solana, employing gasless execution, smart order routing, and embedded key management via Turnkey. Crucially, users retain complete custody of their funds throughout the trading process. This addresses a significant pain point for retail traders accustomed to cumbersome workflows, unclear pricing, and fragmented liquidity.
CEO Vishal Gupta highlights the platform’s commitment to a fairer and more transparent trading experience, simplifying asset discovery and providing real-time market insights. The intuitive design aims to rival the best mobile applications currently available.
Powered by infrastructure partners Turnkey and Definitive, the app includes real-time market sparklines, automated execution across decentralized venues, and hosted wallets enabling immediate funding and trading within the non-custodial framework. True Markets intends to expand into both centralized finance (CeFi) and DeFi markets. Future plans include integration with TrueX, a centralized exchange designed for institutional liquidity and qualified custody. This strategic expansion underscores the company’s ambition to cater to a wider range of users and market segments. The platform’s innovative approach and significant funding suggest a potentially transformative impact on the DeFi landscape.
