Cryptography Startup Gauntlet Closed $23.8 Million Series B Funding Round at $1 Billion Valuation with Paradigm and Others

Gauntlet, a crypto startup, closed a $23.8 million Series B round led by Ribbit Capital with participation from Paradigm and Polychain Capital at a $1 billion valuation. The funds raised will be used to expand its offerings into new areas such as options, derivatives, NFT, and to increase cryptocurrency native exposure. Gauntlet provides financial modeling and simulation tools for the cryptocurrency industry, with a focus on capital efficiency and risk, and its users include Aave and Compound, SushiSwap and other protocols. Previously, Gauntlet closed a $4.3 million funding round led by Paradigm in 2020.