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KR1 plc - Investment Update: Moonbeam Network

PR Newswire

London, November 26

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 George McDonaugh Keld van Schreven Simon Nicol	+44 (0)16 2467 6716 [email protected]
Peterhouse Capital Limited (AQSE Corporate Adviser) Mark Anwyl	+44 (0)20 7469 0930
FTI Consulting LLP (PR Adviser) Ed Berry Laura Ewart	+44 (0)7711 387 085 [email protected]

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).