Originally published on: October 28, 2024
Gelato, a cutting-edge network specializing in smart contract automation, has secured an impressive $11 million in a Series A+ funding round led by Hack VC. Excitingly, Kraken’s highly anticipated blockchain solution, Ink, has joined as a valuable customer of Gelato’s innovative rollup platform.
This significant funding boost paves the way for Gelato to enhance its platform, empowering startups and enterprises to effortlessly launch their own blockchain-based applications. The backing of prominent investor groups such as Animoca Brands, IOSG Ventures, and Bloccelerate VC brings Gelato’s total funding to an impressive $23 million.
Co-founder Hilmar Orth shared with Cointelegraph that this funding will be instrumental in enhancing user experience, particularly supporting Web3 and Web2 companies seeking to build scalable on-chain applications.
What sets this funding round apart is the collaboration with Kraken’s Ink, a revolutionary layer-2 (L2) blockchain solution. Kraken recently unveiled Ink on Oct. 24, with plans for a groundbreaking launch in early 2025. Ink is designed to enable users to trade, borrow, and lend without the need for intermediaries.
Orth emphasized Gelato’s commitment to working closely with Web3 teams dedicated to driving adoption beyond the current norm. He highlighted the importance of scalability in Web3 applications and the need for a modular approach to achieve this goal.
As the demand for decentralized applications (DApps) continues to rise, the need for scalable solutions becomes paramount. Gelato’s Ethereum smart-contract automation network addresses liquidity and volatility concerns in cryptocurrency trading, offering a cutting-edge solution to these challenges.
With the recent influx of funding and strategic partnerships, Gelato is poised for further growth and innovation in the dynamic world of blockchain technology. Stay tuned for more groundbreaking developments from Gelato as they continue to shape the future of smart contract automation.
