Ellipsis Labs, a developer of cryptocurrency exchanges, has raised $20 million in Series-A funding, with Paradigm being the major leader in the round. Other firms like Electric Capital also participated in the funding.

The funds secured by Ellipsis will be utilized to enhance its Decentralized (DeFi) technology. Ellipsis Labs has also created Phoenix, a decentralized exchange based on Solana.

Unlike centralized exchanges, decentralized exchange platforms like Phoenix allow traders to transact directly with each other. However, liquidity remains a common issue.

Phoenix offers customers the access to their activity history and transparency by providing on-chain market event data, such as put limit orders, fills, and canceled limit orders.

Other News

In light of the rebound of Bitcoin (BTC), cryptocurrency investment firm Paradigm has set a target to seek up to $850 million in new investments. Bitcoin reached an all-time high of $73,750 in March 2024.

Reports suggest that various companies including Optimism, Blast, Flashbots, Amber Group, UniSwap, Lido, Magic Eden, StarkNet, and Blur have received investments from Paradigm, according to RootData.

Recent developments indicate that Ripple is planning to enter the stablecoin market by introducing its own stablecoin pegged to the U.S. dollar. The company claims that the stablecoin will always be backed 1 to 1 by an equivalent sum of assets.

Ripple states that reserves will be accounted for in publicly available monthly attestation reports. However, the company responsible for conducting the auditing process is yet to be determined.

GSR Markets' subsidiary has recently obtained a significant payment institution (MPI) from the Monetary Authority of Singapore (MAS) on April 01, 2024.

The press release from GSR Markets highlights that it is the first company to secure the complete MPI license in the country. It is essential to note that currently, 19 companies are providing cryptocurrency services and digital payment token services with MPI licenses.

Crypto Market Overview

The cryptocurrency market capitalization dropped by 2.68% to $2.40 trillion within the past 24 hours. The market cap hit its highest point at $2.401 trillion in the last 52 weeks.

The average trading volume of cryptocurrencies in the preceding 30 days is $208.26 billion, with intraday trading at $129.19 billion. The market cap experienced a decline of 6.84% in the weekly timeframe but saw a positive increase of 47.27% in the past quarter.

Bitcoin experienced an intraday loss of $1538, with a current price of $67,050. The highest trading point in the 52-week timeframe was $73,835. Analysts attribute Bitcoin's growth to the approval and popularity of BTC spot ETF.

Disclaimer

The views and opinions presented in this article are solely for informational purposes and do not constitute financial, investment, or other advice by the author or any other individual.