True Markets, a NYC crypto startup, just grabbed $9 million in seed funding to take on Coinbase. Founded by ex-Coinbase and Goldman Sachs veterans Vishal Gupta and Patrick McCreary, the company’s focusing on Solana-based trading and stablecoins. Their TrueX platform lets traders keep control of their assets – no small detail in today’s crypto world. With backing from RRE Ventures and daily trading volumes hitting $895 billion, this underdog’s got some serious bite.
A new crypto underdog is taking aim at industry giants like Coinbase – and it’s armed with some serious firepower. True Markets just secured $9 million in seed funding, and they’re not messing around. Founded by former Coinbase and Goldman Sachs veterans Vishal Gupta and Patrick McCreary, this NYC-based startup is betting big on stablecoins and the Solana ecosystem.
Their flagship product, TrueX, isn’t just another crypto exchange. It’s a non-custodial platform that lets traders keep control of their assets – no more trusting exchanges with your crypto. Pretty smart timing, given the industry’s recent trust issues. The platform runs on a proprietary matching engine and has partnered with regulated infrastructure provider Paxos. They’re using PayPal USD as their default settlement currency, which is either brilliant or crazy. Maybe both. The app’s App Store exclusive availability sets it apart in the mobile trading space. With daily trading volume reaching $895 billion, True Markets is positioned to capture significant market share.
Much like how supply and demand drives traditional stock markets, True Markets aims to create a dynamic trading environment for crypto assets.
The investor lineup reads like a who’s who of crypto heavyweights: RRE Ventures, Reciprocal Ventures, Paxos, and even the Solana Foundation threw their weight behind this venture. Not too shabby for the new kid on the block.
The Solana connection is particularly interesting – looks like True Markets is betting on the blockchain’s high-performance capabilities to give them an edge.
What makes True Markets different? Well, for starters, they’re not trying to be everything to everyone. They’re laser-focused on providing markets and liquidity as a service, with a strong emphasis on stablecoin integration. Their non-custodial approach means users keep control of their assets – a direct response to the trust issues plaguing traditional exchanges.
The founders know their stuff. Having architected Coinbase’s International Exchange business, they’ve seen what works and what doesn’t. Now they’re taking that knowledge and building something new, something that combines fixed income trading with crypto capabilities.
It’s a bold move in an industry that’s seen its share of bold moves fail spectacularly. But with solid backing, experienced leadership, and a clear vision, True Markets might just have what it takes to shake things up.
