Ellipsis Labs Scores $20 Million in Latest Funding Round
Key Takeaways
- Ellipsis Labs has raised $20 million in Series A funding to power its DeFi solutions, with Paradigm leading the investment effort.
- The funding round included investments from some of the biggest names in the cryptocurrency industry and institutions.
- Ellipsis Labs is the developer of Phoenix, a decentralized exchange on the Solana blockchain.
Cryptocurrency exchange developer Ellipsis Labs has received financial backing to advance its decentralized finance (DeFi) solutions.
the company successfully complete $20 million Series A funding round; Investment firm Paradigm is responsible.
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investment round top Contributions from various influential figures and organizations within cryptocurrency, They include Electric Capital, Solana Labs co-founder Anatoly Yakovenko, Ethereum Foundation researchers Justin Drake and Mike Neuder, and founder of EigenLayer Sreeram Kannan.
Ellipsis Labs aims to redefine DeFi by: It combines the decentralized spirit of the sector with the liquidity and efficiency characteristics of traditional finance. The company noted:
Ellipsis Labs will use the new funds to accelerate the advancement of DeFi up and down the stack.
Ellipsis Labs Famous for developing Phoenix A Solana-based decentralized exchange (DEX) with an on-chain order book. It is the 8th largest DEX in blockchain. created on Historical trading volume: $20 billion.
Paradigm, the leader in this funding round, recently announced its goal of raising up to $850 million for its new cryptocurrency investment fund.
With the support of this venture capital firm and other leading investors, Ellipsis Labs plans to push the boundaries of what is possible within DeFi, with the goal of blending the best of decentralized and traditional finance.
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