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KR1 plc - Investment Update: Astar (formerly Plasm)

PR Newswire

London, December 10

10 December 2021

KR1 plc

("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 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 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.”

--ENDS--

For further information please contact:


KR1 PLC George McDonaugh Keld van Schreven	+44 (0)1624 630 630
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).