KR1 KR1 Plc

 
TIDMKR1 
 
24 November 2021 
 
                                    KR1 plc 
 
                           ("KR1" or the "Company") 
 
                       Investment Update: Acala Network 
 
KR1 plc (KR1:AQSE), a leading digital asset investment company, is pleased to 
announce the Company's participation in the Acala ("ACA") crowdloan and 
Polkadot ("DOT") parachain auction. KR1 contributed a total of 350,000.00 DOT 
to the Acala crowdloan campaign, which successfully secured the first parachain 
slot in the ongoing round of Polkadot parachain auctions. 
 
Acala is a decentralised finance network and liquidity hub on Polkadot, 
offering a scalable Layer-1 smart contract platform that is optimised for DeFi 
with built-in and ready-made financial applications. With Acala's trustless 
decentralised exchange, decentralised stablecoin, liquid staking solution, and 
EVM+ compatibility, Acala lets developers access the best of Ethereum and the 
full power of Parity Technology's Substrate development framework. There are 
many projects in the ecosystem integrating with Acala or building on top of 
Acala's products, including a financial technology company with millions of 
users. 
 
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 
Acala parachain lease. Following the successful Acala parachain auction bid, 
KR1 is going to receive a to-be-determined amount of Acala ("ACA") tokens over 
a time period of 96 weeks in return for supporting the Acala crowdloan 
campaign. 
 
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 Acala's token redenomination, the Company will receive a 
total of ??10,205,128.21 ACA tokens in line with KR1's previous backing of 
Acala's seed and private funding rounds. 
 
George McDonaugh, Managing Director and Co-Founder of KR1, commented: 
 
"Polkadot has reached a major milestone in its development with the first 
parachains launching in a matter of weeks. Acala has always been at the 
forefront of building crucial DeFi infrastructure for Polkadot and we have been 
hugely excited about the project since we first backed the team in their seed 
funding round almost two years ago. Over time, we believe an interconnected 
multi billion dollar decentralised finance ecosystem will emerge built on top 
of the rails of Acala, Polkadot and many other complementary projects." 
 
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 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. 
 
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

November 24, 2021 07:33 ET (12:33 GMT)

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