KR1 plc Investment Update: Moonbeam Network
November 26 2021 - 10:12AM
UK Regulatory
TIDMKR1
26 November 2021
KR1 plc
("KR1" or the "Company")
Investment Update: Moonbeam Network
KR1 plc (KR1:AQSE), a leading digital asset investment company, is pleased to
announce the Company's participation in the Moonbeam ("GLMR") crowdloan and
Polkadot ("DOT") parachain auction. KR1 contributed a total of 350,000.00 DOT
to the Moonbeam crowdloan campaign, which successfully secured the second
parachain slot in the ongoing round of Polkadot parachain auctions.
Moonbeam is an Ethereum-compatible smart contract platform on the Polkadot
network that makes it easy to build natively interoperable applications. The
Ethereum compatibility allows developers to deploy existing Solidity smart
contracts and dApp frontends to Moonbeam with minimal changes. As a parachain
on the Polkadot network, Moonbeam will benefit from the shared security of the
Polkadot relay chain and integrations with other chains that are connected to
Polkadot. Moonbeam and its sister chain Moonriver on Kusama have already gained
traction with notable project integrations including Lido's liquid staking
solution, the decentralised exchange SushiSwap and blockchain explorer
Etherscan.
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
Moonbeam parachain lease. Following the successful Moonbeam parachain auction
bid, KR1 is going to receive a to-be-determined amount of Moonbeam ("GLMR")
tokens over a time period of 96 weeks in return for supporting the Moonbeam
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 Moonbeam's token redenomination, the Company will
receive a total of 13,000,000.00 GLMR tokens in line with KR1's previous
backing of Moonbeam's seed and strategic funding rounds.
Keld van Schreven, Managing Director and Co-Founder of KR1, commented:
"Moonbeam is having an incredibly successful dry run with its sister chain
Moonriver on Kusama, with millions of transactions and hundreds of thousands of
active wallets only three months after launch. As such, it has become the home
to several high quality projects and a very actively engaged community of
enthusiasts. Both, Moonbeam and Moonriver, are capturing the blockchain
community's imagination with an 'Ethereum 3.0' meme, driving interest, traction
and attracting quality projects. We are very confident that Moonbeam will
become one of the dominant projects in the Polkadot ecosystem, which is a real
credit to the hard work that the whole Moonbeam team and its wider community
have achieved."
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
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