Solana DEX Phoenix secures $20 Million for Ellipsis

Phoenix, software developers who created the Solana-powered DEX (decentralized exchange), recently secured around $20 million in the Series A funding round for Ellipsis, one of their start-ups. Paradigm initiated the funding round in partnership with Electric Capital and many other industry leaders.

Worth mentioning, numerous public figures on Ethereum also backed the Ellipsis development. Some notable figures include Ethereum researchers Mike Neuder and Justin Drake, Tim Deiko, who runs Ethereum Foundation’s protocol support, and the Founder of EigenLayer Sreeram Kannan.

The diverse investor group captured the much-needed attention of the popular social media platform X, to which several users immediately responded to the partnership between individuals from rival ecosystems.

The younger Nick van Eck, VanEck investment management firm’s heir, raised $20 million for Agora, the stablecoin-powered start-up, in a seed funding round initiated by Dragonfly Capital. Van Eck talked about how he spent his whole career developing investment cases depending on the visions of other notable founders and how he chose this time and opportunity to build the vision and future for the company he always believed in. By building AgoraDollar, he plans to build a future that is more financially inclusive, providing borderless accessibility to financial creators and wealth preservers.

The firm notes that this will be the first product to be a completely collateralized stablecoin pegged to the USD. The stablecoin known as AUSD or Agora Digital Dollar has yet to be launched. A team of developers has commented that the stablecoin will be a unique product that is completely different from the current product offerings made available only to selected markets beyond the United States.

Other important fundraises include –

  • Xion is raising $25 million for the Blockchain that focuses on abstraction.
  • Merkel Trade secured $2.1 million for the social decentralized exchange.
  • Sei revealed that it will inject $10 million into the platform’s NFT ecosystems. Paradigm is rumored to raise a fund worth $850 million.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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