1 September 2022
(“KR1” or the “Company”)
Investment Update: RedStone Finance
KR1 plc (KR1:AQSE), a leading digital asset investment company, is pleased to announce that RedStone, a portfolio project of KR1, has completed a successful US$7 million seed funding round that included participation from Lemniscap, Blockchain Capital, Coinbase Ventures and others.
KR1 is also pleased to announce the Company’s participation in this recent funding round, investing a further US$300,000 into the RedStone project in return for a yet-to-be determined amount of RedStone tokens. This investment comes in addition to KR1’s initial participation in Redstone’s first financing round, announced in July 2021.
The RedStone team is currently building two products: RedStone Oracles and Warp Contracts. RedStone Oracles aim to deliver price data feeds for crypto assets and all kinds of financial assets in a truly scalable and cross-chain manner. The novel product design ensures resistance to network congestion and enables the delivery of data to projects every few seconds. With Warp Contracts, the RedStone team is building a modular smart contract platform on top of the Arweave storage blockchain, delivering unparalleled computation efficiency by decoupling storage from computation.
George McDonaugh, Managing Director and Co-Founder of KR1, commented:
“RedStone has ambitious plans to set the standard for rapid and efficient connectivity between blockchains as well as for an innovative smart contract layer on Arweave. The project has already demonstrated significant momentum since our investment last year and we are excited to continue supporting the team in this next chapter.”
The Directors of KR1 plc accept responsibility for this announcement.
For further information please contact:
+44 (0)1624 630 630
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 plc is a leading digital asset investment company supporting early-stage decentralised and open source blockchain projects. Founded in 2016 and publicly traded in London on the AQSE Growth Market (KR1:AQSE), KR1 has one of the longest and most successful track records of investment in the digital assets space by investing in decentralised platforms and protocols that are emerging to form new financial and internet infrastructures.