22 December 2020
(“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$200,000 in the HydraDX project. KR1 took part in HydraDX’s seed funding round alongside Hypersphere Capital and will receive a yet-to-be-determined amount of HydraDX (“HDX”) tokens.
HydraDX is a decentralised exchange and cross-chain liquidity protocol built on Polkadot’s Substrate blockchain development framework. The project’s aim is to deliver a composable base layer for digital asset liquidity by creating a new architecture for an ‘AMM’ (Automated Market Maker). Some of the key innovations include having one ‘omnipool’ enabling connections between assets, providing deeper liquidity, front running mitigation technology, on-chain governance and forkless upgrades.
Mattia Gagliardi, Co-Founder of HydraDX, commented:
“We are in the early stages of fluid programmable value formation on the web. In the coming decades, we believe that finance will take the form of an open-source code, with developers becoming the new bankers and decentralized applications the new banks. HydraDX is an effort enabling borderless and permissionless finance built on the premise of frictionless liquidity. We are proud to have been joined by investors of high caliber, among them KR1, who understand our vision.”
Keld van Schreven, Managing Director and Co-Founder of KR1, commented:
“Although it is still early in the life cycle of automated market maker technology, HydraDX is leading the charge. The team has put forward some brilliant solutions to some of the lessons learnt from early ‘DeFi’ (Decentralised Finance) experiments, whilst also taking full advantage of what Polkadot’s next generation blockchain infrastructure can offer. We are excited to support a project spearheading the evolution of DeFi, currently the largest sector of the crypto economy.”
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
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.