Gauntlet’s Rise to Unicorn Status
In a significant leap for the crypto sector, Gauntlet has secured its unicorn status following a hefty $23.8 million in Series B funding. This comes from some of the most notable players in the blockchain venture capital scene. With Ribbit Capital leading the charge, along with existing investors like Paradigm and Polychain Capital, Gauntlet is paving its way forward in the turbulent waters of cryptocurrency.
Funding Goals: Expanding Horizons
So, what’s the plan with this fresh influx of cash? Gauntlet aims to bolster its workforce and dive into new industry verticals, including the expansive world of gaming. Sounds like a full-fledged crypto party, bringing together the financial modeling expertise with the vibrant energy of the gaming industry!
A Brief History: From Seed to Unicorn
Founded in 2018 by Tarun Chitra, who traded his Wall Street badge for a crypto helmet, Gauntlet started on its journey with a modest $2.9 million seed investment from Coinbase Ventures and a few others. Fast forward to today, and they’ve already snagged a total of about $30 million. Those growth charts must be looking juicier than your grandma’s secret apple pie recipe!
What Do They Offer?
Gauntlet specializes in providing financial modeling tools, particularly for decentralized finance (DeFi) projects. Their platform allows these projects to conduct stress tests, optimizing lending and collateral metrics. Notable users include Aave and Compound, two of the crème de la crème in DeFi based on total value locked and market cap. Talk about street cred!
Market Trends: A Unicorn Among Unicorns
In a landscape ripe with emerging unicorns, Gauntlet stands tall at a $1 billion valuation. The cryptocurrency business has been anything but dull, with over a dozen startups hitting unicorn status recently, despite— or perhaps aided by— the crypto market’s notorious volatility. It seems the venture capitalists are in it for the long haul, securing $25.2 billion in funding for blockchain initiatives last year alone.
Who needs calm waters when you can ride the wave of disruption? With Gauntlet joining the ranks of crypto unicorns, the more prosaic question is: what’s next for the digital finance world?
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