Solana ecosystem DEX Phoenix developer Ellipsis Labs has completed a $20 million Series A funding round, led by Paradigm

ChainCatcher news, according to Fortune, Ellipsis Labs announced the completion of a $20 million Series A funding round, led by Paradigm with participation from Electric Capital. The company's first product is a decentralized exchange called Phoenix, which launched in February 2023, and its public user interface was released last August.

In a statement, the company said that this funding will accelerate its efforts to "create a new financial ecosystem that offers competitive financial products on high-throughput blockchains," while combining the accessibility and transparency of DeFi with the efficiency of traditional markets.