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Despite the downfall of the market amidst war-like situations affecting the global economy, neither crypto development stopped nor did their funding
Financial modeling platform focusing on crypto, Gauntlet has received funding of $23.8 million in Series B round. The funding round was led by a Palo Alto-based venture firm, Rabbit Capital, along with the participation of existing investors of Gauntlet, Paradigm, and Polychain Capital. Reports suggest that after this funding, the crypto modeling platform has achieved Unicorn status.
Valuation of Gauntlet has reached up to $1 billion, and the company said to allocate the funds in the hiring of additional staff and expand their working area in new industry verticals, including gaming.
In 2018, Gauntlet was founded by former Wall Street executive Tarun Chitra. The founder of Gauntlet was previously working at DE Shaw, a well-known multinational hedge fund. The company provides services to cryptocurrency industries, including financial modeling and similar stimulation tools that focus on capital efficiency and risk assessments.
When Gauntlet achieved a valuation of $1 billion, it reflected the cryptocurrency industry’s rapid growth in the past several years. As per the reports, the main product of the company allows crypto firms and projects to run stress tests which could help them in setting up optimal lending and collateral levels. Gauntlet has clients using services specifically from the decentralized finance sector, which makes the firm have a niche in the defi space. Notable clients using the services of Gauntlet include Aave (AAVE) and Compound (COMP), which are two among the most significant Defi projects out there based on total value locked and their market capitalization.
Companies recently attracted remarkable venture capital in the crypto and blockchain industries, especially since 2021. Some of this funding led several companies to be crowned as unicorns. As far as the tag of Unicorn is concerned, a Unicorn is such a company whose valuation achieved the valuation of $1 billion in total.
Recent trends noted that more than a dozen companies had become the Unicorn for the last twelve months. Last year, 59 mega-rounds were organized with more than $100 million in fundraisings. In total, these startups generated collective revenue of more than $25.2 billion.
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Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
