KR1 plc Investment Update: HydraDX

 
TIDMKR1 
 
21 February 2022 
 
                                    KR1 PLC 
 
                           ("KR1" or the "Company") 
 
                          Investment Update: HydraDX 
 
KR1 plc (KR1:AQSE), a leading digital asset investment company, is pleased to 
announce the Company's participation in the HydraDX ("HDX��&# 
65533;) crowdloan and Polkadot ("DOT") parachain auction. KR1 contributed a 
total of 350,000.00 DOT to the HydraDX crowdloan campaign, which successfully 
secured a parachain slot in the ongoing round of Polkadot parachain auctions. 
 
HydraDX is a cross-chain liquidity protocol designed to enable frictionless 
liquidity for crypto assets across various chains. In contrast to most 
decentralised exchanges in production today, which rely on separate pools for 
separate assets, HydraDX's solution enables deposits of 'all' assets into one 
shared liquidity pool, the 'Omnipool', unlocking unparalleled efficiencies. 
 
The contributed DOT will be time-locked on the Polkadot blockchain for 96 weeks 
and will be returned to the Company following the completion of the respective 
HydraDX parachain lease. Following the successful HydraDX parachain auction 
bid, KR1 is going to receive a to-be-determined amount of HydraDX tokens over a 
time period of 96 weeks in return for supporting the HydraDX crowdloan 
campaign. 
 
This method of token distribution involves no direct investment of capital, 
instead, it is an indirect investment with the opportunity costs being the 
inaccessibility of the locked DOT funds as well as foregoing any staking yields 
on the contributed DOT for the time period. 
 
In addition, the Company will receive a total of 45,000,000 HDX tokens (and a 
yet-to-be-determined amount of Basilisk ("BSX") tokens) in line with KR1's 
previous backing of HydraDX's seed funding round that was announced on 22 
December 2020 and a much smaller, yet-to-be-determined amount of HDX tokens in 
line with the Company's contribution to Basilisk's Kusama crowdloan campaign 
and parachain auction that was announced on 22 September 2021. 
 
Keld van Schreven, Managing Director and Co-Founder of KR1, commented: 
 
"HydraDX winning a Polkadot parachain slot is the next big step for the project 
and a huge endorsement by the community of the protocol's objective to bring 
all liquidity together in an 'ocean of liquidity'. We see HydraDX as the 
endgame of liquidity in a cross-chain world and we have a high conviction rate 
in the team's ability to achieve this goal." 
 
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] 
Ed Berry                                              [e-mail] 
Laura Ewart 
 
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

February 21, 2022 09:46 ET (14:46 GMT)