How Will Gelato’s $11M Funding Boost Blockchain Applications?

Gelato, a trailblazing network dedicated to smart contract automation, has successfully secured $11 million in a Series A+ funding round. This significant achievement, spearheaded by Hack VC and supported by key investors, including Animoca Brands, IOSG Ventures, and Bloccelerate VC, pushes Gelato’s total funding to a notable $23 million. This new infusion of capital is poised to scale Gelato’s state-of-the-art platform, empowering startups and enterprises to develop their own blockchain-based applications. The funding round marks a pivotal step in Gelato’s mission to foster mass adoption of onchain operations by providing seamless and scalable access to the blockchain ecosystem.

Strategic Partnerships and Platform Expansion

Kraken’s Ink Partnership and Rollup Platform Integration

A crucial aspect of this funding round is the inclusion of Kraken’s Ink, a new layer-2 blockchain solution unveiled by the cryptocurrency exchange Kraken. Scheduled for launch in early 2025, Ink has been confirmed as a customer of Gelato’s rollup platform. This partnership is set to revolutionize trading, borrowing, and lending activities by eliminating intermediaries, thus streamlining the processes. Aligning with Gelato’s vision, this collaboration aims to make onchain operations more accessible and cost-effective for a broader audience, enhancing blockchain’s practicality in real-world applications.

Hilmar Orth, Gelato’s co-founder, underscored the company’s unwavering commitment to enabling businesses to operate onchain. Emphasizing the need for scalable solutions to cater to both Web2 and Web3 companies, Orth highlighted the persistent challenges faced by decentralized applications (DApps), such as high transaction fees and protracted processing times. By adopting a modular approach to scaling Web3 applications, Gelato aspires to replicate the scalability seen in Web2 companies, which seamlessly expand across vast server networks. The strategy focuses on equipping developers with tools to scale onchain compute capabilities horizontally while maintaining high standards of security and interoperability.

Recent Funding and Integration Plans

In a related development, Gelato recently secured an additional $11 million in funding earlier in October. This round was led by prominent crypto venture firms, including Dragonfly Capital, ParaFi Capital, and Aave’s founder, Stani Kulechov. These newly acquired funds are allocated towards integrating more blockchains into the Gelato network and bolstering its team. Gelato’s primary focus remains on its Ethereum smart-contract automation network, which plays a critical role in addressing liquidity and volatility challenges in cryptocurrency trading. The automation of smart contracts significantly enhances the efficiency and stability of trading activities, mitigating the risks associated with market fluctuations.

The integration of additional blockchains into Gelato’s ecosystem is set to broaden its utility and relevance in the decentralized finance (DeFi) space. By expanding its team, Gelato aims to accelerate the development and deployment of innovative solutions that cater to the evolving needs of the blockchain community. The emphasis on automation and scalability is designed to create a seamless and user-friendly experience for developers and end-users alike. As the demand for decentralized applications continues to surge, Gelato’s enhanced infrastructure will be instrumental in facilitating the widespread adoption of blockchain technologies across various sectors.

Advancing the Adoption of Decentralized Systems

Enhancing Web3 and Web2 User Experience

Gelato’s concerted funding efforts and strategic partnerships are ultimately focused on enhancing the user experience for both Web3 and Web2 companies. By addressing the limitations of Web3 infrastructure and providing robust, scalable solutions, Gelato aims to bridge the gap between traditional and decentralized systems. This unified approach is pivotal in overcoming the hurdles associated with high transaction costs and slow processing speeds, which have historically hindered the mass adoption of blockchain technologies. Through innovative solutions and collaborative efforts, Gelato is paving the way for seamless and efficient onchain operations that cater to a diverse range of applications.

The broader vision of Gelato is centered on facilitating scalable, secure, and interoperable onchain applications on a global scale. The company’s strategic initiatives reflect a growing consensus within the blockchain community to advance decentralized systems, ensuring they can accommodate the increasing number of DApps and their associated demands. Gelato’s modular approach to scaling and its commitment to security and interoperability are crucial in achieving this objective. By providing a platform that enables developers to efficiently scale their onchain compute capabilities, Gelato is poised to play a significant role in the next phase of blockchain evolution.

Overcoming Web3 Limitations

Gelato, a pioneering network focused on smart contract automation, has triumphantly raised $11 million in a Series A+ funding round. Leading this accomplishment was Hack VC, with considerable support from prominent investors like Animoca Brands, IOSG Ventures, and Bloccelerate VC. With this latest capital injection, Gelato’s total funding now stands at an impressive $23 million. The newly acquired funds are set to further enhance Gelato’s cutting-edge platform, enabling startups and larger enterprises to create blockchain-based applications more efficiently. This funding round marks a crucial milestone in Gelato’s ambition to drive widespread adoption of onchain operations. By offering seamless and scalable access to the blockchain ecosystem, Gelato aims to make blockchain technology more accessible to a broader audience. The company’s innovative approach and substantial financial backing position it well to become a major player in transforming how blockchain applications are developed and utilized across various industries, paving the way for a more decentralized digital future.

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