Gauntlet raises $23.8 million at a $1 billion valuation

The crypto startup Gauntlet raised $23.8 million in a Series B funding round led by Ribbit Capital.

A former D.E. Shaw Research quant has raised a new round of funding for his crypto firm, pushing its valuation to $1 billion https://t.co/nEXk1lCfh3

— Bloomberg Crypto (@crypto) March 14, 2022

The round also saw participation from venture firms Polychain Capital and Paradigm. Investors valued the company at $1 billion.

Gauntlet provides DeFi services with tools to optimise key protocol parameters, including capital efficiency, risk, fees and rewards.

In a discussion with The Block Gauntlet representatives said the funds would be used to broaden its lineup of supported products, including options, derivatives, and NFTs.

According to information on the site, the company’s services are used by Compound, Aave, Balancer, SushiSwap and other well-known DeFi platforms.

In June Gauntlet raised $13.6 million in a Series A round led by Polychain Capital. According to Crunchbase, the company’s total funding to date amounts to $44.8 million. Earlier, fintech startup Lunar raised €70 million and launched a platform for trading cryptocurrencies.

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