KR1 plc Investment Update: RedStone Finance

 
TIDMKR1 
 
1 September 2022 
 
                                    KR1 PLC 
 
                           ("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. 
 
                                   --ENDS-- 
 
For further information please contact: 
 
KR1 PLC                                                 [phone] 
George McDonaugh 
Keld van Schreven 
 
Peterhouse Capital Limited (AQSE Corporate              [phone] 
Adviser) 
Mark Anwyl 
 
FTI Consulting LLP (PR Adviser)                         [phone] 
Laura Ewart                                           [e-mail] 
Gina Magnin 
 
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. 
 
www.KR1.io 
 
 
 
END 
 
 

(END) Dow Jones Newswires

September 01, 2022 06:40 ET (10:40 GMT)