DeFi developer Ellipsis Labs completes $20 million in Series A financing

Ellipsis Labs announced today that it has raised $20 million in Series A funding, led by Paradigm and with participation from Electric Capital. The company's first product is a decentralized exchange called Phoenix, which will launch in February 2023, with its public user interface released in August of last year. In a statement, the company said that this funding will accelerate its efforts to "create a new financial ecosystem, providing competitive financial products on high-throughput blockchains," while combining the accessibility and transparency of DeFi with the efficiency of traditional markets.