Crypto startup Gauntlet just raised $23.8 million in a Series B funding round led by Ribbit Capital, Bloomberg has reported.
Investors, which have resulted in the company’s market cap soaring to $1 billion, include venture capital firms Polychain Capital and Paradigm.
Gauntlet provides DeFi services with tools to optimize key protocol parameters, including capital efficiency, risk, fees and rewards.
The project representatives have reported the company intends to use the funds to expand the range of supported products, including options, derivatives and NFTs.
Currently, projects such as Compound, Aave, Balancer, SushiSwap and other well-known DeFi platforms use the company’s services.