YEREVAN (CoinChapter.com) — Gelato, a network focused on smart contract automation, has raised an additional $11 million in Series A+ funding led by Hack VC. This brings the platform’s total funding to $23 million, supported by investors like Animoca Brands, IOSG Ventures, and Bloccelerate VC. Gelato intends to use these funds to strengthen its blockchain network and expand tools for decentralized applications (DApps) and Web3 projects.
Hilmar Orth, co-founder of Gelato, explained that the new funding will help Gelato develop its platform to support both Web3 and Web2 applications, making onchain solutions more accessible to companies.
“Gelato is committed to a future where every company operates onchain,”
Orth stated, emphasizing the need for affordable access to blockspace.
Kraken’s Ink Joins Gelato’s Rollup Platform
As part of this funding announcement, Kraken’s Ink, a layer-2 blockchain solution, joined Gelato as a customer. Ink was introduced by Kraken on October 24, with a full launch expected in early 2025. Designed to enable decentralized finance (DeFi) activities like trading, borrowing, and lending, Ink’s partnership with Gelato aligns with both companies’ efforts to promote onchain functionality without intermediaries.
Orth remarked on the collaboration, noting that Kraken’s expertise complements Gelato’s goal to expand onchain computing. He stated,
“[Kraken] are in a pole position to guide its crypto-savvy user base onchain, aligning well with Gelato’s mission of scaling onchain compute to the world.”
Kraken’s Ink adds significant value to Gelato’s network by offering advanced DeFi tools within the blockchain ecosystem.
Tackling Web3 Scalability with Modular Blockchain Solutions
The rise in decentralized applications has amplified the need for scalable blockchain solutions. Persistent issues, such as high transaction fees and slow processing speeds, present obstacles for many Web3 platforms. Orth highlighted that a modular approach to scaling applications is essential, moving away from placing all applications on a single chain.
According to Orth,
“Like Web2 companies scaling across millions of servers, Gelato aims to scale onchain compute horizontally.”
This approach ensures that DApps achieve high performance while maintaining security and interoperability across blockchain networks. Consequently, Gelato supports the development of Web3 applications on a larger scale by adopting this model.
Recent Funding Bolsters Gelato’s Blockchain Expansion
This latest funding comes shortly after Gelato’s previous $11 million Series A funding on Oct. 8, with backing from Dragonfly Capital, ParaFi Capital, and Aave founder Stani Kulechov. These funds support Gelato’s efforts to add more blockchains to its network and grow its development team to drive innovation across multiple blockchain platforms.
Gelato’s core service, Ethereum smart contract automation, plays a crucial role in managing liquidity and volatility within cryptocurrency markets. Above all, by automating these tasks, Gelato’s tools provide reliable solutions for enterprises and DeFi projects looking to scale blockchain usage efficiently.
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