KR1 KR1 Plc

 
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 
 
 

(END) Dow Jones Newswires

October 14, 2021 06:29 ET (10:29 GMT)

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