Gauntlet, a cryptocurrency startup, has raised $23.8 million in a fresh fundraising round headed by Ribbit Capital. Polychain and Paradigm Ventures also participated in the round. After a seed round in 2018, Gauntlet raised a $4.3 million investment led by Paradigm in 2020 fundraising.
Gauntlet’s platform offers services for DeFi protocols and decentralised organisations, such as risk management. Gauntlet’s platform is used by protocols like Aave, Compound, and SushiSwap, among others. The Gauntlet is claimed to have been valued at $1 billion in the transaction.
When asked for a response, Gauntlet founder Tarun Chitra said, “We want to use [the cash] to extend our product offering to additional verticals (e.g., options, derivatives, NFTs) and raise our crypto-native risk exposure.”
Gauntlet Networks is a simulation platform for developing financial models of blockchain protocols and applications that uses battle-tested methods from other sectors to simulate interactions in crypto networks. It is headquartered in New York, New York.
The company, which was founded in 2018 as a crypto market ratings agency, has shifted its focus to providing a platform that allows market participants to make governance choices in an automated way. The instability happens as decentralised entities in cryptocurrency gain traction. Non-custodial exchanges are now seeing trade volumes in the hundreds of millions of dollars, while DeFi coin trading is becoming a bigger part of trading volumes on centralised exchanges.
