Ellipsis Labs Secures $20 Million in Series A Funding for DeFi Initiatives
Ellipsis Labs, a leading crypto exchange developer, has recently closed a successful $20 million Series A funding round to further enhance its decentralized finance (DeFi) solutions. The investment effort was spearheaded by Paradigm, a prominent investment firm in the crypto space.
Notable figures and institutions within the crypto industry also participated in the funding round, including Electric Capital, Anatoly Yakovenko (co-founder of Solana Labs), Justin Drake and Mike Neuder (Ethereum Foundation researchers), and Sreeram Kannan (founder of EigenLayer).
Ellipsis Labs is known for its innovative approach to DeFi, aiming to combine the decentralized nature of the sector with the liquidity and efficiency seen in traditional finance. The company plans to utilize the new funding to accelerate the development of DeFi solutions across the board.
One of Ellipsis Labs’ flagship products is Phoenix, a decentralized exchange (DEX) built on the Solana blockchain with an on-chain order book. Phoenix has quickly become one of the top DEX platforms on Solana, generating over $20 billion in total volume.
Paradigm, the lead investor in this funding round, has recently announced plans to raise up to $850 million for a new crypto investment fund. With the support of Paradigm and other key investors, Ellipsis Labs is poised to push the boundaries of DeFi and create a seamless integration of decentralized and traditional finance.
Overall, this funding round marks a significant milestone for Ellipsis Labs and underscores the growing interest and investment in DeFi solutions within the crypto industry. Stay tuned for more updates on the company’s progress and innovations in the DeFi space.
