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

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    Blockchain automation network Gelato has raised $11m in a Series A+ funding round led by Hack VC. The funding will be used to expand its user base and enhance the user experience for companies building onchain web apps. Several investors participated in the round, bringing Gelato’s total funding to $23m. Crypto exchange Kraken’s platform, Ink, has also been announced as a new customer. This is the second time Gelato, which focuses on smart contract automation for Ethereum, has raised $11m within a month.

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    Gelato, a network aimed at simplifying smart contract automation, recently secured $11 million in a Series A+ funding round. The round was led by Hack VC and saw Ink, a new platform by Kraken, come on board as a customer.

    Gelato plans to use the new funding to expand its user base, particularly focusing on helping startups and large companies develop their own apps using blockchain.

    Several noteworthy investors, including Animoca Brands, IOSG Ventures, and Bloccelerate VC, were part of this funding round, making the network’s total funding reach $23 million.

    Hilmar Orth, one of the founders of Gelato, explains that the funding will be used to enhance user experiences, especially for companies building onchain apps on the web.

    In another exciting bit of news, the network confirmed Kraken’s Ink as a new customer. Gelato are all about helping projects focused on promoting expansion in current applications, making Ink a good fit.

    As the number of decentralized applications or DApps grows, so does the demand for solutions that can handle increased traffic. Currently, high transaction fees and slow processing times remain challenges in the industry.

    Orth believes that having all applications on a single blockchain isn’t feasible anymore. Instead, a more flexible approach is needed where different portions of Web3 applications can be scaled separately, something that Gelato aims to make possible for its users.

    Interestingly, this is Gelato’s second $11 million raise in a month, with the first one involving crypto venture firms like Dragonfly Capital, ParaFi Capital, and Aave’s founder Stani Kulechov. That funding was used to bring more blockchains onto the Gelato network and build the team further.
    Gelato is primarily used for its Ethereum smart-contract automation network which helps manage the ups and downs in cryptocurrency trading.

    Source: Cointelegraph

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