True Markets Secures $11M in Series A Funding, Unveils Mobile-First DeFi Trading Application on Solana

True Markets, a decentralized finance (DeFi) trading platform specializing in stablecoin transactions, has introduced its mobile application on the Solana network. The platform has successfully completed an $11 million Series A funding round, increasing its total financing to $20 million, as reported by the firm.

The funding round garnered support from Accomplice and RRE Ventures, along with contributions from Reciprocal Ventures, Variant Fund, and PayPal Ventures.

Continuing their backing are previous investors Paxos Ventures and the Solana Foundation, as stated by True Markets.

Established by former Coinbase and Circle executives Vishal Gupta and Patrick McCreary, True Markets, based in New York, aims to provide a straightforward, mobile-first DeFi trading environment for everyday users, emphasizing transparency and speed.

The application facilitates token trading using stablecoins on Solana, offering features such as gasless transactions, smart order routing, and integrated key management through Turnkey without requiring users to lose custody over their funds, according to True Markets.

Vishal Gupta, CEO of True Markets, highlighted the challenges retail traders face with inefficient workflows, opaque pricing, and disparate liquidity sources.

Gupta explained the company’s mission to create a more equitable and open experience that simplifies asset discovery, provides real-time market insights, and delivers user-friendly app interactions comparable to the best mobile applications.

Supported by infrastructure collaborators Turnkey and Definitive, the app includes real-time market data, automated trading across decentralized platforms, and wallets for quick funding and trading in a non-custodial setting.

True Markets intends to broaden its horizons into both centralized and decentralized finance markets, with upcoming integrations that will feature TrueX, an exchange tailored for institutional liquidity and secure custody solutions.