Gelato Network Closes A+ Round Led by IOSG Ventures, Gaining Advantage in Web3 Automation Environment
Posted: January 4, 2024 10:11 AM Updated: January 4, 2024 10:11 AM
Correction and fact check date: January 4, 2024, 10:11 AM
briefly
Gelato Network has closed an A+ financing round led by IOSG Ventures to help developers automate smart contract execution on EVM-based blockchains.
Web3 relay network Gelato Network announced that it has closed its A+ financing round, with IOSG Ventures leading the investment. Founded in 2019 Hilmar Maximilian OrtGelato Network aims to become a pivotal player in the Web3 automation and relay space, enabling developers to automate the execution of smart contracts on various EVM-based blockchains.
Gelato Network enables developers to create augmented smart contracts – applications that demonstrate consistent automation, provide a gas-free user experience, and leverage off-chain data and computation to onboard the next billion users to Web3. We support you in building .
The new investment aims to enhance Gelato Network’s existing capabilities and capabilities. The project is expected to become the largest distributed development technology stack on Web3.
Gelato Network dominates the automation landscape with innovation.
Starting with the Ethereum bot concept designed for DeFi applications and aiming to build a decentralized network for automated trading, Gelato has quickly established itself as the leading automated execution network on Ethereum, gaining over 80% market share in less than two years. .
From the beginning, the company prioritized user experience, allowing even non-programmers to perform business tasks such as automatic withdrawals and transactions through “Gelato Automate.” The tool serves as an infrastructure that facilitates the “this-then-that” automated execution of smart contracts. Despite Chainlink entering this market in 2021, Gelato maintains its dominant position in this segment.
In 2021, the company launched Gelato Relay, marking Gelato’s transition from an automation protocol to an extension of its core Web3 backend service. Gelato Relay allows the Web3 front-end to provide a completely gas-free UX, while the web3 back-end can delegate transaction management to a decentralized relay network. Gelato simplifies blockchain interactions across major EVM chains, ensuring a simple, reliable, and scalable process.
In 2023, Gelato introduced Web3 Functions, tools built explicitly for the Web3 ecosystem. These innovations include the introduction of additional abstraction layers to streamline the process for developers to access off-chain data and run computations. The company has also recently launched Rollup as a Service, establishing itself as a major player in the RaaS domain.
Gelato Network’s recent success has made it a central player in Web3 automation and relay technology. With a history of innovation, from empowering developers through augmented smart contracts to introducing Gelato Relay and Web3 capabilities, the recent investment aims to establish Gelato Network as the leading decentralized development technology stack on Web3.
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About the author
Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through writing about VCs, notable cryptocurrency projects, and participating in science writing.
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alice davidson
Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through writing about VCs, notable cryptocurrency projects, and participating in science writing.
more articles