PANews reported on May 20 that according to an exclusive report by Fortune magazine, crypto trading platform True Markets announced the completion of a $11 million Series A financing round, which was jointly led by PayPal Ventures and Variant, and followed by existing investors such as RRE Ventures and Reciprocal Ventures. The company was co-founded by Vishal Gupta and Patrick McCreary, former employees of Goldman Sachs and Coinbase, and will launch the Solana on-chain trading application for retail investors this week.

True Markets' core trading system, TrueX, adopts a non-custodial model and uses Paxos to custody assets. It currently supports spot trading of Bitcoin, Ethereum and Solana. The newly launched mobile application will first support Solana ecosystem token trading, and plans to gradually expand to other mainstream cryptocurrencies in the summer. The platform will review new tokens listed every week, while marking risk warnings such as ownership concentration. True Markets aims to attract new and old users by optimizing transaction speed, fees and interface design. The company currently has 10 full-time employees and plans to achieve competitive advantages in price, speed and experience by the end of summer. Previously, in the fall of 2024, the company received $9 million in seed round financing.