Gelato Raises $11 Million for Smart Contract Automation
Gelato's Strategic Funding Boost
Gelato, a leader in smart contract automation, has successfully raised $11 million in a Series A+ funding round led by Hack VC. This funding aims to propel the platform's growth, enabling startups and enterprises to develop blockchain-based applications efficiently. With this latest investment, Gelato's total funding reaches $23 million, underscoring its commitment to advancing blockchain technology.
Key Collaborations and Expansions
The funding round attracted significant investors, including Animoca Brands, IOSG Ventures, and Bloccelerate VC. A highlight of this announcement is the collaboration with Kraken's upcoming blockchain, Ink. As a new customer of the Gelato rollup platform, Ink will enhance its capabilities in facilitating seamless trading, borrowing, and lending for users. This partnership aligns with Gelato's mission to scale onchain compute, providing businesses with affordable access to blockspace.
Overcoming Web3 Challenges
As decentralized applications (DApps) proliferate, the need for scalable solutions becomes critical. Gelato addresses these challenges by promoting a modular approach to scaling Web3 applications. This strategy mirrors the scalability seen in Web2 companies, focusing on horizontal scaling to maintain security and interoperability. By doing so, Gelato aims to optimize transaction fees and processing times, which are persistent challenges in the blockchain space.
Recent Funding Endeavors
Remarkably, this is Gelato's second $11 million funding achievement in a single month. Earlier, notable contributions from Dragonfly Capital, ParaFi Capital, and Aave founder Stani Kulechov were secured to expand the Gelato network and its team. Gelato's core focus remains on its Ethereum smart-contract automation network, which plays a crucial role in mitigating liquidity and volatility issues in cryptocurrency trading.
By securing this funding, Gelato positions itself as a pivotal player in the blockchain industry, ready to drive Web3 adoption and innovation.
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