Ellipsis Labs, a developer of decentralized finance (DeFi) solutions, has secured $20 million in Series A funding to further enhance its offerings. The funding round was led by investment firm Paradigm and included contributions from prominent figures and institutions within the crypto industry.
Notable investors in the funding round include Electric Capital, Anatoly Yakovenko (co-founder of Solana Labs), Justin Drake and Mike Neuder (researchers at the Ethereum Foundation), and Sreeram Kannan (founder of EigenLayer), among others.
Ellipsis Labs aims to revolutionize the DeFi sector by combining the decentralized nature of the industry with the liquidity and efficiency found in traditional finance. The company plans to use 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. Phoenix is currently the eighth-largest DEX on the blockchain and has facilitated over $20 billion in trading volume to date.
Paradigm, the lead investor in this funding round, has also 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 blend of decentralized and traditional finance.
Overall, the funding secured by Ellipsis Labs signals a significant milestone for the company and underscores the growing interest and investment in the DeFi space. Stay tuned for more developments as Ellipsis Labs continues to innovate and redefine the future of decentralized finance.
