Ellipsis Labs Raises $20M in Series A Funding
Summary
Ellipsis Labs, a NYC-based company that develops the on-chain Phoenix exchange, raised $20m in Series A funding. The company intends to use the funds to accelerate its efforts to build its DeFi products. Co-founded by Eugene Chen and Jarry Xiao, Ellipsis Labs aims to create a new financial ecosystem that offers competitive financial products on top of high-throughput blockchains, pairing the accessibility and transparency of decentralized infrastructure with the efficiency of traditional markets. The company is behind Phoenix, an on-chain exchange that enables the trading of cryptocurrencies through a permissionless platform with a focus on accessibility, transparency, and efficiency. With hundreds of millions of dollars in daily trading volume, Phoenix leverages an on-chain limit order book to allow professional market makers to compete on quality of liquidity, resulting in better outcomes for end users.