New Contender in Crypto Trading Emerges
True Markets is making waves in the increasingly crowded crypto exchange landscape with a fresh $11 million funding boost and the launch of a new trading app this week. Targeted primarily at retail users, the app enables buying and selling of tokens on the Solana blockchain, with plans to support Bitcoin, Ethereum, and other cryptocurrencies soon.
Cofounders Vishal Gupta and Patrick McCreary bring a wealth of experience from Goldman Sachs and Coinbase, where they developed global trading products. Gupta told Fortune, “What we see here is that the retail crypto user in the United States has largely been underserved.”
From Traditional Finance to Crypto Innovation
Gupta’s career began in traditional finance before moving into leadership roles at pioneering crypto exchanges. He launched True Markets out of stealth last fall with $9 million in seed funding, led by crypto-focused investors including Reciprocal Ventures.
The exchange was built with lessons learned from past failures like the collapse of FTX in 2022. To ensure security, True Markets’ core exchange platform, TrueX, separates trading functions and uses the blockchain infrastructure firm Paxos as custodian instead of holding user assets directly. TrueX has recently launched live spot trading, focusing on Bitcoin, Ethereum, and Solana.
Retail App Built for Speed and Transparency
The newly launched True Markets app is designed specifically for retail customers and is built on the Solana blockchain, which has gained traction amid the memecoin craze. Unlike TrueX, the app is noncustodial and partners with Turnkey to support hosted wallets, meaning it does not hold user crypto directly.
Gupta said the app will whitelist new tokens every week but will also include clear warnings about risks such as ownership concentration. “This is really us thinking that an exchange should be more of a gateway, not a gatekeeper,” he said.
Expanding Cryptocurrency Support Planned
Although the app launches with Solana-based tokens, Gupta said True Markets intends to add Bitcoin, Ethereum, and potentially other tokenized assets throughout the summer. This phased approach allows the company to build a strong foundation before broadening its offerings.
The team envisions True Markets becoming a trusted platform that offers more choice, faster service, and better pricing than many existing U.S. exchanges, which often have high fees and slower processing.
Tackling a Crowded Market with Expertise
Despite numerous crypto exchanges operating in the U.S., Gupta said many users still rely on just a few platforms, with Coinbase dominating the market. He believes this lack of competition results in higher costs and slower trades for consumers.
“Our goal is to target both crypto veterans and users coming into the space for the first time,” Gupta said. He noted the advantage of his and McCreary’s extensive backgrounds in finance and crypto trading as they build True Markets from the ground up.
Backed by Top Investors, Focused on User Experience
True Markets recently closed a Series A funding round supported by PayPal Ventures, Variant, and existing investors including RRE Ventures and Reciprocal Ventures. The company currently employs 10 full-time staff.
Gupta admitted True Markets can’t match competitors’ flashy marketing budgets, which often involve sponsoring sports teams or arenas. Instead, the focus is on delivering a superior trading experience by summer, with fast execution, low costs, and enhanced visual tools like “sparklines” that show market momentum.
“There is room for competition,” Gupta said. “Our goal is not necessarily to be the biggest exchange, but to be the best infrastructure, the best team, and the best platform out there.”
