Key Takeaways
- Ellipsis Labs has raised $20 million in Series A funding to enhance its DeFi solutions, with Paradigm leading the investment effort;
- The funding round included investments from notable figures and institutions within crypto;
- Ellipsis Labs is the developer behind Phoenix, a decentralized exchange on the Solana blockchain.
Ellipsis Labs, a crypto exchange developer, has garnered financial backing to advance its decentralized finance (DeFi) solutions.
The company has successfully completed a $20 million Series A funding round, with investment firm Paradigm leading the charge.
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The investment round saw contributions from a spectrum of influential figures and entities within crypto, including Electric Capital, co-founder of Solana Labs Anatoly Yakovenko, Ethereum Foundation researchers Justin Drake and Mike Neuder, and founder of EigenLayer Sreeram Kannan, among others.
Ellipsis Labs aims to redefine DeFi by marrying the sector's decentralized ethos with the liquidity and efficiency characteristic of traditional finance. The company noted:
Ellipsis Labs will be using the new funding to accelerate the progress of DeFi, up and down the stack.
Ellipsis Labs is known for developing Phoenix, a Solana-based decentralized exchange (DEX) with an on-chain order book. It is the eighth-largest DEX on the blockchain and has generated over $20 billion in all-time volume.
The frontrunner of this funding round, Paradigm, has recently announced its aim to raise up to $850 million for a new crypto investment fund.
With the support of this venture capital and other key investors, Ellipsis Labs is set to push the boundaries of what is possible within DeFi, aiming to blend the best of decentralized and traditional finance.
