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KR1 plc - Update on Polkadot Ecosystem Projects

·5-min read

17 November 2020

KR1 PLC
(“KR1” or the “Company”)

Update on Polkadot Ecosystem Projects: Plasm, ChainX, Edgeware and Phala

KR1 plc (KR1:AQSE), a leading digital asset investment company, is pleased to announce that the Company has participated in, generated staking revenue from, and realised profit from, key projects in the wider Polkadot blockchain ecosystem.

Plasm Network

Plasm (“Plasm“ or “PLM”) is a highly scalable decentralised application platform, launching on the Polkadot blockchain, that allows developers to build secure and scalable applications on Plasm’s ‘Layer 2’ solution for fast and high capacity transactions.

The Company is pleased to announce its follow-on participation in the second Plasm token distribution event, termed a 'lockdrop'. KR1 time-locked a total of 1,000 Ether ("ETH") via a smart contract with a duration of 1,000 days. In return for locking up the ETH, the Company will receive an additional 248,000,000.00 PLM tokens. KR1 previously participated in Plasm’s first ‘lockdrop’ and, across both token distribution events, the Company now holds a total of 314,285,652.28 PLM.

KR1 is planning to use the acquired PLM tokens in staking activities in the future and expects to regain access to the time-locked ETH in three separate tranches: 500 ETH unlocking in Q1 2021 (from the first lockdrop), 232 ETH unlocking in Q4 2022 (from the first lockdrop) and 1,000 ETH unlocking in Q2 2023 (from this, i.e. the second lockdrop).

ChainX

ChainX (“PCX”) is a blockchain that provides the technical infrastructure for multiple digital assets, such as Bitcoin (“BTC”) or Ethereum (“ETH”), to be migrated into the Polkadot ecosystem.

The ChainX network launched in July 2019 and, since then, the Company’s staking activities have been generating revenue on an ongoing basis in ChainX’s native PCX digital asset. To date, KR1 has generated a total of 30,072.02 PCX from staking activities, which thus far have not been realised into fiat currency but, instead, are being ‘compounded’ to strengthen the Company’s staking activities going forward.

At the date of this announcement, KR1’s total holding of ChainX tokens is 30,072.02 PCX, which are being actively staked.

Edgeware

Edgeware (“EDG”) is a high-performance smart-contract platform implemented on the Polkadot network as a parachain. Edgeware aims to allow participants to vote, delegate and fund each other to upgrade the network.

The Edgeware blockchain launched as a decentralised ‘Proof-of-Stake’ network in February 2020 and, since then, the Company’s staking activities have been generating revenue on an ongoing basis in Edgeware’s native EDG digital asset. To date, KR1 has generated a total of 439,431.72 EDG from staking activities, which thus far have not been realised into fiat currency but, instead, are being ‘compounded’ to strengthen the Company’s staking activities going forward.

As at the date of this announcement, KR1’s total holding of Edgeware tokens is 4,254,318.32 EDG, which are being actively staked.

Phala Network

Phala Network (“Phala” or “PHA”) is a confidential data exchange protocol built on Polkadot that guarantees reliable execution and keeps smart contract data secret.

The Company is pleased to announce that KR1 has participated in Phala’s token distribution event, termed a 'stakedrop', and has generated a total of 1,231,291.00 PHA tokens at zero cost in line with the Company’s staking activities on the Kusama network.

The Company is also pleased to announce that it has realised the accrued earnings from the ‘stakedrop’, realising 1,231,291.00 PHA at an average price of US $0.10 per PHA token for a total of US $123,637.90.

Keld van Schreven, Managing Director and Co-Founder of KR1, commented:

“The new decentralised revolution was started by Bitcoin and Ethereum and is now being pushed forward by Polkadot. The Polkadot ecosystem has an incredible amount of nascent, high-quality projects building infrastructure including Plasm, ChainX, Edgeware and Phala, to name a few. These projects are often using the lessons of Ethereum to create even better decentralised applications and experiences for users.

What is compelling about these projects is that we have generated all the assets mentioned above directly from assets that were already held on the Company’s balance sheet. As KR1’s investment portfolio scales in size, so does our ability to utilize assets strategically, maximising long-term shareholder value while limiting downside risk.”

The Directors of KR1 plc accept responsibility for this announcement.

--ENDS--

For further information please contact:

KR1 PLC
George McDonaugh
Keld van Schreven
Simon Nicol


+44 (0)16 2467 6716

simon@KR1.io

Peterhouse Capital Limited
Mark Anwyl
Allie Feuerlein

(AQSE Corporate Adviser)
+44 (0)20 7469 0930

Nominis Advisory Ltd
Angus Campbell

(PR Adviser)
pr@KR1.io

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 (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.

www.KR1.io

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.