TL;DR
- Gelato raises $11 million in Series A+ funding, bringing total fundraising to $23 million, to expand its smart contract automation platform.
- Kraken’s Ink, a new Layer-2 blockchain solution, joins Gelato’s rollup platform, aiming to enable users to trade, borrow, and lend without intermediaries.
- Gelato plans to support over 50 rollups and 500 applications, addressing Web3 challenges with a modular approach to scaling on-chain computing.
Gelato, a prominent network focused on smart contract automation, has successfully raised $11 million in a Series A+ funding round. This latest round of funding, led by Hack VC, brings Gelato’s total fundraising to $23 million. The additional capital will enable Gelato to expand its platform, supporting startups and enterprises in launching their own blockchain-based applications.
Expanding the Platform
The Series A+ funding round saw participation from notable investor groups, including Animoca Brands, IOSG Ventures, and Bloccelerate VC. With the fresh capital, Gelato aims to enhance its platform, making it the go-to solution for scalable and affordable access to block space for millions of businesses. Hilmar Orth, co-founder of Gelato, emphasized the company’s commitment to a future where every company operates on-chain.
Kraken’s Ink Joins Gelato
A significant development in this funding announcement is the addition of Kraken’s Ink, a new Layer-2 blockchain solution, as a customer of the Gelato roll-up platform. Kraken introduced Ink on October 24, with an anticipated launch in early 2025. Ink aims to enable users to trade, borrow, and lend without intermediaries, aligning well with Gelato’s mission of scaling on-chain computing to the world.
Addressing Web3 Challenges
As the number of decentralized applications (DApps) increases, the need for scalable solutions becomes more pressing. High transaction fees and slow processing times remain significant challenges. Orth explained that the belief that all applications can fit on a single blockchain is outdated.
Instead, Gelato envisions a modular approach as the key to scaling Web3 applications. By scaling on-chain computing horizontally, Gelato aims to maintain security and interoperability while enabling developers to achieve the necessary scale.
Future Prospects
Looking ahead, Gelato is poised to support more than 50 rollups, including Fox News’ Layer-2 Verify. The platform currently supports over 500 applications, including DeFi giants like Aave and Synthetix’s Infinex.
With the new funding and strategic partnerships, Gelato is well-positioned to become a leading player in the Web3 space, driving innovation and adoption of decentralized technologies.
Gelato’s successful funding round and the addition of Kraken’s Ink highlight the growing importance of scalable solutions in the blockchain industry. As the company continues to expand its platform, it will play a crucial role in shaping the future of decentralized applications and on-chain computing.
