16 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$150,000 in the Lido project in return for 15,000,000 Lido (“LDO”) tokens.
Lido is a liquid Ethereum 2.0 staking solution backed by several industry-leading staking providers. The system allows users to earn Ethereum (“ETH”) staking rewards with no lock-ups or minimum deposits, whilst also contributing to the security of the recently launched Ethereum 2.0 blockchain. Through the issuance of a proxy token, termed staked ETH (“stETH”), Lido creates a liquid alternative for staked ETH, allowing tokens otherwise locked up to be transferred, traded and used across other Ethereum DeFi applications. As such, Lido’s stETH token could become an important base primitive in DeFi, and a foundational building block for the Ethereum ‘money-lego’ stack.
George McDonaugh, Managing Director and Co-Founder of KR1, commented:
“We were very pleased to see the recent launch of the first phase of Ethereum 2.0’s roadmap and the ensuing enthusiasm from the community for staking ETH. With such a large and diverse community of ETH holders, there is huge demand for innovative staking products and Lido has created a very compelling offering. Their focus on simplicity, great user experience and flexibility will garner huge interest and we’re excited to be involved at such an early stage.”
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.