Ellipsis Labs, a company that develops the on-chain Phoenix exchange secures $20million in series A round funding. This round of funding, which was led by Paradigm and included Electric Capital, will speed up Ellipsis Labs’ efforts to develop DeFi solutions that can match traditional finance’s performance.
The funding will be used by the company to expedite the development of its DeFi products. Ellipsis Labs, co-founded by Eugene Chen and Jarry Xiao, seeks to combine the efficiency of traditional markets with the accessibility and willingness of decentralised technology to create a new financial ecosystem that provides competitive financial products on top of high-throughput blockchains.
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Phoenix is an on-chain exchange that facilitates cryptocurrency trading via a permissionless platform, emphasising efficiency, accessibility, and transparency. The firm is the one behind Phoenix.
Phoenix uses an on-chain limit order book to enable professional market makers to compete on the quality of liquidity, improving results for end users with hundreds of millions of dollars in trading volume every day.
Ellipsis Labs co-founder and CEO Eugene Chen said, “Phoenix outcompetes other on-chain exchanges in terms of capital efficiency, quality of liquidity and sustainability. We’re adapting and innovating quickly to improve even further, We’re thrilled to have the support of some of the most influential names in the crypto industry to help build an accessible and transparent financial system.”
About Ellipsis Labs
Ellipsis Labs is creating unique technologies for decentralised finance. On the Solana blockchain, Phoenix, their flagship protocol, is the most popular orderbook spot exchange.
Their dedication to developing sustainable solutions is a reflection of the long-term strategy and values of their business. They are proud of the robust, in-person culture that their dedicated, goal-oriented staff has created.
