The team behind Gelato Network, an Ethereum-focused protocol for automating transactions, has raised $1.2 million in a seed funding round.
Leading the round were IOSG Ventures and Galaxy Digital, according to a Tuesday press statement. Other participants include Christopher Jentzsch, D1Ventures, investor Ming Ng and a pair of DAOs — MetaCartel Ventures and The LAO.
“DeFi is just an immediate example where automation is critical, and we are going to see more of such applications leveraging automation for reducing costs, improving efficiency and really scaling up the businesses. We’re excited to be backing Gelato for building this critical infrastructure for the next generation Web,” Jocy Lin, IOSG's founding partner, said in a statement.
Gelato launched on mainnet back in July, according to a blog post published at the time. Projects like Gnosis were among the first to adopt the protocol, as CoinDesk reported at the time, which is intended to provide developer-focused tools to developers working in the decentralized finance space.
© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.