KR1 KR1 Plc

 
TIDMKR1 
 
9 June 2021 
 
                                    KR1 PLC 
 
                           ("KR1" or the "Company") 
 
                          Investment: Shiden Network 
 
KR1 plc (KR1:AQSE), a leading digital asset investment company, is pleased to 
announce the Company's participation in the Shiden crowdloan and upcoming 
Kusama ("KSM") parachain auction. KR1 contributed a total of 10,000 KSM, 
equivalent to US$4,449,700 at the time of the contribution, to the Shiden 
crowdloan campaign. 
 
Shiden Network is a smart contract platform and application layer on Kusama, 
which acts as a research and development chain of the Plasm Network. Shiden 
natively supports the Ethereum Virtual Machine, WebAssembly and multiple Layer 
2 solutions from day one, which enables various applications like DeFi, NFTs 
and more. 
 
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 Shiden parachain lease. Upon a successful Shiden parachain auction 
bid, KR1 will receive a to-be-determined amount of Shiden ("SDN") tokens in 
return for supporting the Shiden crowdloan campaign. In addition, the Company 
will also receive a yet-to-be-determined amount of SDN tokens in line with 
KR1's previous participation in Plasm's ("PLM") first and second lockdrop 
campaign, 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: 
 
"Plasm's Shiden Network on Kusama offers developers an improved scalability 
model, high transaction throughput, cross-chain interoperability, and 
considerably less time to market to deploy their decentralised applications. 
Sota, Founder of Plasm, and his team are standout entrepreneurs in the 
blockchain world and we are honoured to continue to back them and their 
vision." 
 
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 11:09 ET (15:09 GMT)

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