22 September 2021
("KR1" or the "Company")
KR1 plc (KR1:AQSE), a leading digital asset investment company, is pleased to announce the Company’s participation in the Basilisk crowdloan and Kusama (“KSM”) parachain auction. KR1 contributed a total of 11,111.1 KSM to the Basilisk crowdloan campaign.
Basilisk is a liquidity bootstrapping protocol built for Kusama, enabling frictionless liquidity for the long tail of crypto assets through a modular design. Basilisk’s first release offers an implementation of a liquidity bootstrapping pool as well as pools with order matching transactions. Future releases will bring more advanced price discovery mechanisms to Basilisk, such as auctions and bonding curves.
The contributed KSM will be time-locked on the Kusama blockchain for 48 weeks and will be returned to the Company following the completion of the respective Basilisk parachain lease. Following the successful Basilisk parachain auction bid, KR1 is going to receive a to-be-determined amount of Basilisk (“BSX”) tokens in return for supporting the Basilisk crowdloan campaign. In addition, the Company will also receive a yet-to-be-determined amount of BSX tokens in line with KR1’s previous backing of HydraDX’s seed funding round, which will be confirmed in a future announcement.
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 KSM funds as well as foregoing any staking yields on the contributed KSM for the time period.
Keld van Schreven, Managing Director and Co-Founder of KR1, commented:
“Basilisk is an exciting community focused project run by an exceptional team of crypto thinkers. As a permanent deployment on Kusama, Basilisk has strong synergies with Polkadot-facing HydraDX, which, together, will cater to the varying liquidity needs of crypto assets throughout their life cycles. Projects can bootstrap liquidity in the early stages using a Basilisk pool, then later move to the HydraDX omnipool to unlock unprecedented cross-chain liquidity in an ‘ocean of assets’.”
The Directors of KR1 plc accept responsibility for this announcement.
For further information please contact:
Peterhouse Capital Limited
(AQSE Corporate Adviser)
Nominis Advisory Ltd
About KR1 plc
KR1 is a leading digital asset investment company supporting early-stage decentralised and open source blockchain and DeFi projects. Founded in 2016 and publicly traded in London on the Apex segment of the AQSE Growth Market (KR1: AQSE), KR1 has built a notable reputation for generating significant returns by investing in many key projects that are designed to power the decentralised platforms and protocols that are emerging to form new 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).