Crypto startup Gauntlet has raised $23.8 million in a new funding round led by Ribbit Capital.
VC firms Polychain and Paradigm also participated in the round. Bloomberg first reported the news. Gauntlet raised a $4.3 million round in 2020 led by Paradigm, following a seed round in 2018.
Gauntlet's platform provides services for DeFi protocols and decentralized organizations to assist with areas such as risk management. Users of Gauntlet's platform include protocols like Aave, Compound and SushiSwap, among others.
The deal is said to have valued Gauntlet at $1 billion.
When reached for comment, Gauntlet founder Tarun Chitra told The Block: "We aim to use [the funding to] the expand our product offering to new verticals (e.g. options, derivatives, NFTs) and increase our crypto-native risk exposure."
This is a developing story and will be updated with additional information.