14 October 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 Kintsugi crowdloan and Kusama (“KSM”) parachain auction. KR1 contributed a total of 5,000 KSM to the Kintsugi crowdloan campaign.
Kintsugi is interBTC’s canary network on Kusama that allows users to create kBTC, a one-to-one Bitcoin-backed asset, maintained by a decentralised network through collateralised Bitcoin vaults. Kintsugi’s kBTC brings Bitcoin to Kusama, enhancing liquidity on various other Kusama parachains such as Karura, Shiden, Moonriver or Basilisk.
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 Kintsugi parachain lease. Upon a successful Kintsugi parachain auction bid, KR1 will receive a to-be-determined amount of Kintsugi (“KINT”) tokens in return for supporting the Kintsugi crowdloan campaign. In addition, the Company will also receive a yet-to-be-determined amount of KINT tokens in line with KR1’s previous backing of Interlay’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.
George McDonaugh, Managing Director and Co-Founder of KR1, commented:
“Kintsugi marks the start of a fully trustless bridge for Bitcoin into the interconnected world of Kusama. This allows holders of Bitcoin, the most widely distributed crypto asset, to expand into a new world of applications and use cases and we are proud to support Kintsugi’s vision.”
The Directors of KR1 plc accept responsibility for this announcement.
For further information please contact:
+44 (0)16 2467 6716
Peterhouse Capital Limited (AQSE Corporate Adviser)
+44 (0)20 7469 0930
FTI Consulting LLP (PR Adviser)
+44 (0)7711 387 085
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).