KR1 plc Investment: Kintsugi
14 Octubre 2021 - 5:29AM
UK Regulatory
TIDMKR1
14 October 2021
KR1 plc
("KR1" or the "Company")
Investment: Kintsugi
KR1 plc (KR1:AQSE), a leading digital asset investment company, is pleased to
announce the Company's participation in the Kintsugi crowdloan and Kusama
("KSM") parachain auction. KR1 contributed a total of 5,000 KSM to the Kintsugi
crowdloan campaign.
Kintsugi is interBTC's canary network on Kusama that allows users to create
kBTC, a one-to-one Bitcoin-backed asset, maintained by a decentralised network
through collateralised Bitcoin vaults. Kintsugi's kBTC brings Bitcoin to
Kusama, enhancing liquidity on various other Kusama parachains such as Karura,
Shiden, Moonriver or Basilisk.
The contributed KSM will be time-locked on the Kusama blockchain for 48 weeks
and will be returned to the Company following the completion of the respective
Kintsugi parachain lease. Upon a successful Kintsugi parachain auction bid, KR1
will receive a to-be-determined amount of Kintsugi ("KINT") tokens in return
for supporting the Kintsugi crowdloan campaign. In addition, the Company will
also receive a yet-to-be-determined amount of KINT tokens in line with KR1's
previous backing of Interlay's seed funding round, 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 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:
"Kintsugi marks the start of a fully trustless bridge for Bitcoin into the
interconnected world of Kusama. This allows holders of Bitcoin, the most widely
distributed crypto asset, to expand into a new world of applications and use
cases and we are proud to support Kintsugi's vision."
The Directors of KR1 plc accept responsibility for this announcement.
--ENDS--
For further information please contact:
KR1 PLC +44 (0)16 2467 6716
George McDonaugh
Keld van Schreven simon@KR1.io
Simon Nicol
Peterhouse Capital Limited (AQSE Corporate +44 (0)20 7469 0930
Adviser)
Mark Anwyl
FTI Consulting LLP (PR Adviser) +44 (0)7711 387 085
Ed Berry KR1@fticonsulting.com
Laura Ewart
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 Apex 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
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October 14, 2021 06:29 ET (10:29 GMT)
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