KR1 plc Investment Update: Astar (formerly Plasm)
10 December 2021
("KR1" or the "Company")
Investment Update: Astar (formerly Plasm)
KR1 plc (KR1:AQSE), a leading digital asset investment company, is pleased to
announce the Company's participation in the Astar (��ASTR")
crowdloan and Polkadot ("DOT") parachain auction. KR1 contributed a total of
350,000.00 DOT to the Astar crowdloan campaign, which successfully secured the
third parachain slot in the ongoing round of Polkadot parachain auctions.
Astar is a Polkadot-native, highly scalable decentralised application ("dApp")
platform that allows developers to build secure and scalable applications,
supporting the Ethereum Virtual Machine and WebAssembly. A core feature of
Astar includes 'dApps staking', an innovative and blockchain-specific
'Build-to-Earn' monetisation model for Web3 developers, aiming to attract
talented teams and prominent DeFi, DAO and NFT projects.
The contributed DOT will be time-locked on the Polkadot blockchain for 96 weeks
and will be returned to the Company following the completion of the respective
Astar parachain lease. Following the successful Astar parachain auction bid,
KR1 is going to receive a to-be-determined amount of Astar ("ASTR") tokens over
a time period of 96 weeks in return for supporting the Astar crowdloan
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 DOT funds as well as foregoing any staking yields
on the contributed DOT for the time period.
In addition, following Astar's token redenomination, the Company will receive a
total of 31,428,565.2 ASTR tokens in line with KR1 plc's previous
participations in Astar's lockdrop token distribution events.
Keld van Schreven, Managing Director and Co-Founder of KR1, commented:
"Astar winning the third Polkadot parachain slot is a big achievement and
speaks to the quality of the project and their continuous inclusion of the
community since the first lockdrop campaign before Polkadot even launched.
Astar joining the ranks of Acala and Moonbeam allows them to execute on their
vision of a multi chain world for developers and users and we are excited to
support Sota and his team with our contribution."
For further information please contact:
KR1 PLC +44 (0)1624 630 630
Keld van Schreven
Peterhouse Capital Limited (AQSE Corporate +44 (0)20 7469 0930
FTI Consulting LLP (PR Adviser) +44 (0)7711 387 085
Ed Berry KR1@fticonsulting.com
About KR1 plc
KR1 plc is a leading digital asset investment company supporting early-stage
decentralised and open source blockchain projects. Founded in 2016 and publicly
traded in London on the AQSE Growth Market (KR1:AQSE), KR1 has one of the
longest and most successful track records of investment in the digital assets
space by investing in decentralised platforms and protocols that are emerging
to form new financial and internet infrastructures.
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) Dow Jones Newswires
December 10, 2021 08:29 ET (13:29 GMT)
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