“`html
TL;DR:
- Ellipsis Labs completes a $20 million Series A funding round.
- Paradigm leads the investment, with significant contributions from other key industry figures and firms.
Ellipsis Labs, a cryptocurrency exchange development firm, announced the successful completion of a $20 million Series A funding round. The round was led by venture firm Paradigm, a prominent investor in the cryptocurrency space. Other contributors include Electric Capital, along with individuals like Sreeram Kannan of EigenLayer, Anatoly Yakovenko from Solana Labs, and personalities from the Ethereum Foundation.
Previously, in August 2023, Ellipsis Labs had already raised $3.3 million from Electric Capital. This latest funding is intended to further the development of their decentralized finance (DeFi) technologies. The company’s flagship protocol, PhoenixTrade, is a fully on-chain orderbook on the Solana blockchain that merges the efficiency of traditional orderbooks with the security and transparency of DeFi.
Phoenix is recognized as a leading decentralized exchange (DEX) in terms of daily volume, and it boasts a total value locked (TVL) of $14.31 million. It has been designed to settle trades without requiring a “crank,” a mechanism usually needed for asynchronous trade settlements, allowing for faster and more efficient transaction processing.
Post Views: 26
