Ellipsis Labs Secures $20 Million in Series A Funding Round Led by Paradigm

Ellipsis Labs Secures $20 Million in Series A Funding Round Led by Paradigm

Ellipsis Labs, a specialized firm focused on developing cryptocurrency exchanges, has successfully concluded a Series A funding round, raising $20 million. The round was spearheaded by prominent venture firm Paradigm, with participation from Electrical Capital and several notable industry insiders.

Among the backers in this funding round are Sreeram Kannan from EigenLayer, Anatoly Yakovenko from Solana Labs, Uri Klarman from bloXroute, and key figures such as Justin Drake and Mike Neuder from the Ethereum Foundation.

Having previously raised an additional $3.3 million from Electric Capital in August 2023, Ellipsis Labs aims to utilize the fresh capital to further enhance its decentralized finance (DeFi) technology stack. The firm is renowned for its Solana-based decentralized exchange (DEX) called Phoenix, which currently ranks as one of the top 5 spot DEXs across all blockchains based on daily volume.

At present, Phoenix boasts a total value locked (TVL) of $14.31 million, with a trading volume of $238.79 million recorded over the past 24 hours. Ellipsis Labs emphasizes that Phoenix streamlines trades by eliminating the need for a “crank,” enabling asynchronous trade settlements without waiting for transaction finality.

In a statement, the exchange developer expressed its commitment to advancing DeFi by combining the advantages of decentralized systems with the liquidity and efficiency of traditional finance, with Phoenix being just the initial step towards this goal.

Furthermore, Ellipsis Labs is actively expanding its team and has opened job vacancies for engineers to join its New York-based team. Meanwhile, venture capital firm Paradigm, not content with its involvement in Ellipsis Labs alone, is reportedly seeking to raise between $750 and $850 million for a new fund, reflecting the increasing interest of VC firms in the cryptocurrency market.

As the cryptocurrency market experiences significant growth in the first quarter of 2024, VC firms are increasingly becoming involved, with Multicoin Capital also revealing its leadership in a $225 million funding round for the cross-chain messaging protocol Wormhole last year.

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