8 July 2021
(“KR1” or the “Company”)
KR1 plc (KR1:AQSE), a leading digital asset investment company, is pleased to announce that the Company has invested a total of US$400,000 into Divergence (“DIVER”) in return for 20,666,666.67 DIVER tokens. KR1 led the seed and private funding round, together with Mechanism Capital, with participation from other notable funds including P2P Capital, Arrington Capital and Digital Finance Group.
Divergence is a decentralised platform for volatility hedging and advanced financial products centred around blockchain-native asset prices. The Divergence team is currently developing a range of decentralised volatility derivatives and volatility index products with the aim of becoming the go-to platform for risk-averse users seeking to hedge both one-sided and two-sided volatility risks, risk-tolerant users seeking to trade and gain leveraged exposure to volatility, as well as risk-neutral users seeking to participate as liquidity providers by funding volatility markets and earning fees.
Lianne Li and Bonna Zhu, both Co-Founders of Divergence, commented:
"From the very beginning, KR1 has shared in, and committed to, the long-term vision we have for building volatility-based derivatives for the DeFi ecosystem. We are deeply honoured to have the opportunity of working with the KR1 team and cannot speak highly enough of their incredible intellectual rigour and staunch support for every aspect of our endeavours."
Keld van Schreven, Managing Director and Co-Founder of KR1, commented:
“One of crypto’s big problems is extreme volatility and Divergence offers an innovative solution for liquidity providers, market makers and enthused community members, to allow them to profit from volatility with higher capital efficiency. With an impressive team, solid incentivisation mechanisms and a great mission, Divergence is a key part of the new era of the DeFi movement.”
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 APX 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).