Crypto quant firm Gauntlet valued at $1B following Series B
Bengaluru, March 15, 2022: Gauntlet, a cryptocurrency-focused financial modelling programme, seems to have become a one of the famous unicorns after receiving the funding of $23.8M in Series B fundraising from the blockchain’s most famous venture capital companies.
Thus as reported by Bloomberg, a Palo Alto-based venture capital firm, Ribbit Capital, who has led the funding round, including the current investors which include Polychain Capital as well as Paradigm are also participating. As per the Gauntlet, the funds will be utilised to employ more employees as well as move it into new areas which includes gaming.
Gauntlet is really a financial modelling and simulation software which is based on blockchain technology. Protocol programmers, smart contract designers, and asset holders confront unique challenges in decentralised systems that are just not found in traditional development or asset management. Gauntlet replicates cryptocurrency networks, influences design decisions, as well as pushes effective design and engagement through the use of tried-and-true algorithms from algorithmic trading.
A Wall Street executive, Tarun Chitra, who has already operated at D. E. Shaw multinational hedge fund in the past, founded Gauntlet in 2018. Gauntlet appears to have become a financial modelling as well as simulation firm that specialises on efficiency of capital as well as you can take the chance in the bitcoin industry.
As per reported by Crunchbase, Gauntlet received a $2.9 million seed investment in the year of t2018 through Coinbase Ventures as well as 5 additional partners. Two years later, the firm managed to raise an investment of 4.4 million USD.
As just a consequence of this joint financing, their total valuation has climbed to $1 billion, as well as its revenue had also expanded by even more than 20 times within the preceding year only.
Gauntlet’s financial modelling approach now handles $38 billion in assets, implying that perhaps the financial systems of the future could be those which make a connection between both the openness of cryptocurrency as well as the harm minimisation mechanisms of traditional finance (TradFi).
“The benefits of proper risk mitigation infrastructure grows as even the decentralised finance ecosystem grows as well as gets more sophisticated “Ribbit Capital’s General Partner, Nick Shalek, remarked. The Ribbit team seems to be ecstatic to be joining Gauntlet through its goal of creating DeFi, the world’s most successful financial system.”
The $1 billion valuation of Gauntlet highlights the crypto sector’s meteoric rise throughout the last 2 years. As per Bloomberg, Gauntlet’s key service lets crypto initiatives — specifically decentralised finance (DeFi) systems — conduct stress analysis to check them to find the appropriate lending as well as collateral levels.
Both of the Gauntlet’s most successful clients include, Aave (AAVE) as well as Compound (COMP), being 2 of the most famous DeFi initiatives in terms of market capitalization as well as final value secured.
Since early 2021, firms throughout the cryptocurrency and blockchain sectors have received considerable venture capitalist, culminating inside the launching of multiple “unicorns.” With in startup world, a unicorn seems to be a startup with something like a valuation with at minimum $1 billion. Beyond a dozen unicorns have now been created since last year.
As per sources, blockchain companies got 25.2 billion USD in venture fundraising last year, comprising of mega 59 rounds valued which is over more than 100 million USD individually.