Smart contract automation network Gelato has become the latest to receive big backing from crypto venture capital giants.
Gelato has raised $11 million in a Series A funding round led by Dragonfly Capital and with participation from ParaFi Capital, Nascent, IDEO CoLab Ventures, and Aave founder Stani Kulechov.
The funds were raised through a closed-door token sale and will go toward onboarding more blockchains to the network and increasing its staff from the current team of 15.
Gelato automates Ethereum smart contract operations by using what it calls “arbitrary logic” and bots. Its most prominent use case is addressing liquidity and volatility issues with cryptocurrency trading. The protocol can protect traders from severe losses by automatically rebalancing portfolios and executing trades on their behalf.
Third-party servers and systems are