Originally published on: October 28, 2024
In an exciting development for the world of blockchain technology, Gelato, a network specializing in smart contract automation, has successfully secured $11 million in Series A+ funding. The funding round was led by Hack VC and includes Kraken’s highly anticipated blockchain solution, Ink, which has joined as a valuable customer.
With this new injection of capital, Gelato aims to enhance its platform, empowering startups and enterprises to launch their own innovative blockchain-based applications. This funding marks a significant milestone for Gelato, bringing its total funding to an impressive $23 million and attracting support from prominent investors such as Animoca Brands, IOSG Ventures, and Bloccelerate VC.
Hilmar Orth, one of Gelato’s co-founders, expressed his enthusiasm for the network’s future prospects, highlighting a focus on improving user experience to cater to both Web3 and Web2 companies seeking to develop scalable on-chain applications. This commitment to enhancing usability and functionality aligns with Gelato’s vision of advancing adoption beyond the current status quo.
A standout feature of the funding announcement is Gelato’s partnership with Kraken’s Ink, a cutting-edge layer-2 (L2) blockchain solution. Ink, which is set to launch in early 2025, aims to revolutionize digital asset trading by enabling users to transact, borrow, and lend without the need for intermediaries.
With the rise of decentralized applications (DApps) driving demand for scalable solutions, Gelato’s smart contract automation network emerges as a crucial player in addressing liquidity and volatility challenges in cryptocurrency trading. Orth emphasized the importance of adopting a modular approach to scaling Web3 applications, stating that the belief in fitting all applications on a single blockchain is outdated.
In recent months, Gelato has attracted significant attention within the crypto community, securing funding from notable venture firms such as Dragonfly Capital, ParaFi Capital, and Aave founder Stani Kulechov. These investments have enabled Gelato to onboard more blockchains onto its network and expand its talented team of 15 members.
As Gelato continues to innovate and push the boundaries of smart contract automation, its collaboration with Kraken’s Ink signals a new chapter in blockchain technology development. Stay tuned for more exciting updates as Gelato and its partners redefine the future of decentralized applications.
