8 July 2021
(“KR1” or the “Company”)
New Website and Investments: iTrust and Clover
KR1 plc (KR1:AQSE), a leading digital asset investment company, is pleased to announce that the Company has launched a new website under the Company’s www.KR1.io domain. The newly launched website will help individuals and institutions better understand the Company with a fully featured ‘Investors’ section and other new additions to the page.
While the Company does its best to update the website in a timely manner, we cannot guarantee accurate information in real time on the website, and investors looking for corporate information should always rely on the Company’s official public announcements via a Regulatory Information Service and the Annual Report and Financial Statements.
The Company is pleased to announce that the Company has invested a total of US$100,000 in the iTrust seed funding round in return for a yet-to-be-determined amount of iTrust (“ITG”) tokens.
iTrust is a yield optimisation platform for supplying smart contract cover to the decentralised finance ecosystem. Underwriting smart contract cover is risky and complex for most users to perform, but iTrust’s algorithmic capital allocation engine and advanced protocol risk modelling, allows anyone the generation of low risk yields from smart contract cover provision.
The iTrust team have many years of experience across a wide range of sectors and, although a nascent area of growth within the Blockchain world, the team have been involved in the decentralised insurance space since its inception. iTrust is also the first official cover supply partner of Nexus Mutual and Tidal Finance, also KR1 investments.
The Company is also pleased to announce that it has invested a total of US$50,000 in the Clover project in return for 625,000 Clover (“CLV”) tokens.
Clover is a smart contract platform that enables Ethereum developers to easily migrate their decentralised applications onto Polkadot by minimizing the changes required to run existing Solidity smart contracts on the new network.
The platform offers some novel innovations, including a ‘smart relayer’ that allows users to cover gas fees with any token, removing the dependence on a base currency like Ether. Clover has also created a cross-chain explorer covering Ethereum, Polkadot and Binance Smart Chain as well as an innovative incentivisation layer, allowing dApp builders to automatically gain a percentage share of the transaction fees running through the network. This redistribution of fees is designed to ensure a vibrant developer community and foster an innovative DeFi ecosystem.
George McDonaugh, Managing Director and Co-Founder of KR1, commented:
“We are very pleased to support these two projects and we look forward to helping them bring their platforms to the ever-expanding decentralised finance ecosystem. Building a product on top of Nexus Mutual among others, enables iTrust to make the most of the composability effects of DeFi and in turn pushes the growth of the entire decentralised insurance vertical. With Clover, many new key innovations will be brought to market, not only ensuring a strong link between Ethereum and Polkadot but also bringing much needed choice and flexibility to developers and users alike.”
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 APX 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).