Aave

Uniswap

Gelato

Gelato, a network focused on smart contract automation, has raised $11 million in a Series A+ funding round led by Hack VC, with Kraken’s anticipated blockchain, Ink, joining as a customer.
The additional funding will allow Gelato to expand its platform, enabling startups and enterprises to launch their own blockchain-based applications.
This latest round involves noteworthy investor groups, including Animoca Brands, IOSG Ventures and Bloccelerate VC — bringing Gelato’s total funding to $23 million.
Hilmar Orth, a co-founder of Gelato, told Cointelegraph the funds would help the network improve user experience to support both Web3 and Web2 companies building scalable onchain applications.
<blockquote>
 “Gelato is committed to a future where every company operates onchain. Achieving this vision requires scalable and affordable access to blockspace for millions of businesses.”
</blockquote>
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/gelato-raises-11m-from-heavyweight-backers-for-web-3-automation" rel="noopener noreferrer nofollow" target="null" text="null" title="null">Gelato raises $11M from heavyweight backers for Web 3.0 automation</a>
<h2 id="kraken-s-ink-joins-gelato">Kraken’s Ink joins Gelato</h2>
A notable development in the funding announcement is the addition of Kraken’s Ink, a new layer-2 (L2) blockchain solution, as a customer of the Gelato rollup platform.
The cryptocurrency exchange <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/kraken-launch-ink-blockchain-defi-2025" rel="noopener noreferrer nofollow" target="null" text="null" title="null">Kraken introduced Ink on Oct. 24</a>, with an anticipated launch in early 2025. Ink aims to enable users to trade, borrow and lend without intermediaries.
Orth told Cointelegraph that Gelato “prioritizes” working with Web3 teams positioned “to advance adoption past its current status quo.” He said:
<blockquote>
 “[Kraken] are in a pole position to guide its crypto-savvy user base onchain, aligning well with Gelato’s mission of scaling onchain compute to the world.”
</blockquote>
<figure><img alt="Kraken, Cryptocurrencies, Cryptocurrency Exchange, Applications, zk-Rollup" src="https://s3.cointelegraph.com/uploads/2024-10/0192d1f6-1e65-7d50-8b2b-5645e6667127" title="">
 <figcaption style="text-align: center;">
 Source: <a data-ct-non-breakable="null" href="https://x.com/hilmarxo/status/1849453589514559751" rel="noopener noreferrer nofollow" target="_blank" text="null" title="https://x.com/hilmarxo/status/1849453589514559751">Hilmar</a>
 </figcaption>
</figure>
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/smart-contract-automator-gelato-brings-liquidity-management-to-zerion" rel="noopener noreferrer nofollow" target="null" text="null" title="null">Smart contract automator Gelato brings liquidity management to Zerion</a>
<h2 id="addressing-web3-limitations-and-challenges">Addressing Web3 limitations and challenges</h2>
As the number of decentralized applications (DApps) increases, so does the need for scalable solutions. High transaction fees and slow processing times remain challenges.
Orth explained that “the belief that all applications can fit on a single blockchain is outdated” and instead sees a modular approach as “key to scaling Web3 applications.” He said:
<blockquote>
 “Like Web2 companies scaling across millions of servers, Gelato aims to scale onchain compute horizontally. Gelato’s platform will enable developers to achieve this scale while maintaining security and interoperability.”
</blockquote>
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/gelato-network-launches-g-uni-uniswap-v3-management-token" rel="noopener noreferrer nofollow" target="null" text="null" title="null">Gelato Network launches ‘G-UNI’ Uniswap v3 management token</a>
<h2 id="second-11-million-raise-in-one-month">Second $11 million raise in one month</h2>
On Oct. 8, Gelato announced it had raised $11 million in Series A funding from crypto venture firms, including Dragonfly Capital, ParaFi Capital and Aave founder Stani Kulechov.
The funds were raised <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/gelato-raises-11m-from-heavyweight-backers-for-web-3-automation" rel="noopener noreferrer nofollow" target="null" text="null" title="null">to onboard more blockchains to the Gelato network</a> and expand its 15-member team.
Gelato’s primary use case is its Ethereum smart-contract automation network, which addresses liquidity and volatility issues in cryptocurrency trading.
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/solana-champion-mert-mumtaz-fud-sol-most-helius/" rel="noopener noreferrer nofollow" target="null" text="null" title="null">The rise of Mert Mumtaz: ‘I probably FUD Solana the most out of anybody’</a>

Gelato secures $11M funding, adds Kraken’s Ink to rollup platform

Table of Contents

Cointelegraph

Other articles published on Oct 28, 2024

Top 5 real estate tokenization platforms

POPCAT in a Bearish Wedge: Is a Price Drop Imminent?

Emory University’s Surprising $15 Million Stake in Bitcoin Trust Sparks Debate

Dogecoin Outlook: DOGE Faces $1 Hurdle as Whales Shift to ETH Token

Top Traders Bet on These 5 Altcoins for 5000% Potential Gains in the Upcoming Bull Run

FTX Secures $228M Settlement with Bybit in Bankruptcy Case

Join our free newsletter for daily crypto updates!