KR1 KR1 Plc

 
TIDMKR1 
 
9 June 2021 
 
                                    KR1 PLC 
 
                           ("KR1" or the "Company") 
 
                              Investment: Karura 
 
KR1 plc (KR1:AQSE), a leading digital asset investment company, is pleased to 
announce the Company's participation in the Karura crowdloan and upcoming 
Kusama ("KSM") parachain auction. KR1 contributed a total of 10,000 KSM, 
equivalent to US$4,169,500 at the time of the contribution, to the Karura 
crowdloan campaign. 
 
Founded by the Acala Foundation, Karura is a scalable, EVM-compatible 
blockchain network optimised for decentralised finance services on Kusama. The 
platform offers a suite of financial applications including a trustless liquid 
staking solution, a stablecoin backed by cross-chain assets and a decentralised 
exchange. 
 
The contributed KSM will be time-locked on the Kusama blockchain for a period 
of 48 weeks and will be returned to the Company following the completion of the 
respective Karura parachain lease. Upon a successful Karura parachain auction 
bid, KR1 will receive a to-be-determined amount of Karura ("KAR") tokens in 
return for supporting the Karura crowdloan campaign. In addition, the Company 
will also receive a yet-to-be-determined amount of KAR tokens in line with 
KR1's previous backing of Acala's seed funding round and strategic funding 
round, all of which will be confirmed in a future announcement. 
 
This method of token distribution involves no direct investment of capital, 
instead, it is an indirect investment, similar to the Company's previous 
participations in 'lockdrops', with the opportunity costs being the 
inaccessibility of the locked KSM funds as well as foregoing any staking yields 
on the contributed KSM for the time period. 
 
George McDonaugh, Managing Director and Co-Founder of KR1, commented: 
 
"The crowdloans kick-off and initiation of parachain auctions are a historic 
milestone for Kusama, Polkadot and the wider ecosystem. While delivering 
bleeding edge technology, the Polkadot and parachain teams are also continuing 
to innovate in token distribution mechanisms, which will prove to be hugely 
beneficial for the blockchain community." 
 
Keld van Schreven, Managing Director and Co-Founder of KR1, commented: 
 
"This participation shows our strength of conviction with Bette, Ruitao and the 
whole Acala team to execute on the vision of Karura. Karura is set to become 
the primary DeFi hub for the Kusama ecosystem, creating a new platform for 
innovation and limitless potential for new cross-chain decentralised financial 
services. This could be the big bang event for cross-chain DeFi." 
 
The Directors of KR1 plc accept responsibility for this announcement. 
 
                                   --ENDS-- 
 
For further information please contact: 
 
KR1 PLC 
George McDonaugh                                                    +44 (0)16 2467 6716 
Keld van Schreven 
Simon Nicol                                                                simon@KR1.io 
 
Peterhouse Capital Limited                                     (AQSE Corporate Adviser) 
Mark Anwyl                                                          +44 (0)20 7469 0930 
Allie Feuerlein 
 
Nominis Advisory Ltd                                                       (PR Adviser) 
Angus Campbell                                                                pr@KR1.io 
 
About KR1 plc 
 
KR1 is a leading digital asset investment company supporting early-stage 
decentralised and open source blockchain and DeFi projects. Founded in 2016 and 
publicly traded in London on the APX segment of the AQSE Growth Market (KR1: 
AQSE), KR1 has built a notable reputation for generating significant returns by 
investing in many key projects that are designed to power the decentralised 
platforms and protocols that are emerging to form new internet infrastructures. 
 
www.KR1.io 
 
Market Abuse Regulation (MAR) Disclosure 
 
This announcement contains inside information for the purposes of Article 7 of 
the Market Abuse Regulation EU 596/2014 as it forms part of retained EU law (as 
defined in the European Union (Withdrawal) Act 2018). 
 
 
 
END 
 
 

(END) Dow Jones Newswires

June 09, 2021 09:35 ET (13:35 GMT)

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