Gelato Expands with New Funding and Kraken Partnership
Gelato, a network that focuses on automating smart contracts, has recently secured $11 million in a Series A+ funding round. This significant financial boost, led by Hack VC and with participation from prominent investors such as Animoca Brands, IOSG Ventures, and Bloccelerate VC, increases Gelato’s total funding to $23 million. This capital injection is set to fuel the expansion of Gelato’s platform, enabling more startups and enterprises to develop blockchain-based applications.
Kraken’s Ink Joins Gelato’s Rollup Platform
A key highlight of the recent funding announcement is the integration of Kraken’s Ink as a customer of the Gelato rollup platform. Ink is a new layer-2 blockchain solution introduced by the cryptocurrency exchange Kraken, which is expected to launch in early 2025. This partnership aims to streamline trading, borrowing, and lending processes without the need for intermediaries, aligning with Gelato’s mission to enhance onchain computing capabilities globally.
Addressing Web3 Limitations
As the number of decentralized applications (DApps) increases, the demand for scalable solutions grows. Gelato aims to tackle common challenges such as high transaction fees and slow processing times. Hilmar Orth, co-founder of Gelato, emphasizes the importance of a modular approach in scaling Web3 applications. He argues that the idea of fitting all applications onto a single blockchain is outdated. Instead, Gelato seeks to enable scalable onchain compute similar to how Web2 companies scale across multiple servers, while ensuring security and interoperability are maintained.
Building the Future of Onchain Operations
Orth envisions a future where every company operates onchain. To make this vision a reality, Gelato is committed to providing scalable and affordable access to blockspace for millions of businesses. This initiative is crucial as more Web3 and Web2 companies look to build scalable onchain applications.
Continuing Momentum with New Funding
This latest $11 million funding round marks Gelato’s second substantial raise within a month. Earlier, the network announced an $11 million Series A funding round involving crypto venture firms like Dragonfly Capital, ParaFi Capital, and Aave’s founder, Stani Kulechov. These funds are earmarked to onboard more blockchains to the Gelato network and expand its team, which currently comprises 15 members.
Strategic Focus on Ethereum Smart-Contract Automation
One of Gelato’s primary use cases is its Ethereum smart-contract automation network. This network addresses liquidity and volatility challenges in cryptocurrency trading, providing a robust framework for developers and enterprises to build and scale their projects.
Gelato’s recent developments and funding successes highlight its strategic focus on expanding its capabilities and partnerships, paving the way for a more integrated and scalable blockchain ecosystem. Through its innovative rollup platform and strategic alliances, Gelato is poised to play a pivotal role in advancing onchain operations across industries.
