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Crypto quant association Gauntlet valued at $1B following Series B

The organisation has determined a strong area of interest in the DeFi sector, with tasks like Aave and Compound among its biggest clients.

Crypto-focused monetary modelling platform Gauntlet has done unicorn repute after raising $23.8 million in Series B funding from some of blockchain’s largest challenge funds.

The investment spherical used to be led with the aid of Ribbit Capital, a Palo Alto-based assignment firm, with participation from current traders Paradigm and Polychain Capital, Bloomberg stated Monday. Gauntlet stated the funding will be used to rent additional employees and expand into new industry verticals, which include gaming.

Gauntlet was headquartered in 2018 by Tarun Chitra, a Wall Street government who formerly worked at multinational hedge fund D. E. Shaw. Gauntlet offers economic modelling and simulation equipment to the cryptocurrency industry, with a focus on capital efficiency and risk.

In 2018, Gauntlet obtained its first seed investment from Coinbase Ventures and 5 different contributors to the tune of $2.9 million, in accordance to Crunchbase. The company raised an extra $4.4 million two years later.

Gauntlet’s $1 billion valuation reflects the speedy boom of the cryptocurrency industry over the previous two years. As Bloomberg explained, Gauntlet’s essential product permits cryptocurrency initiatives — and specially decentralised finance (DeFi) structures — to run stress exams that can help them set ultimate lending and collateral levels.

Gauntlet’s most wonderful customers are Aave and Compound, which are two of the largest DeFi initiatives based totally on market capitalisation and complete fee locked.

Companies in the crypto and blockchain industries have attracted large venture capital for the reason that early 2021, main to numerous “unicorns” being crowned. In the startup community, a unicorn is a company that achieves a valuation of at least $1 billion. Over a dozen such unicorns have been crowned over the previous 12 months. 

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Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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