KR1 plc Investment Update: Moonbeam Network

 
TIDMKR1 
 
26 November 2021 
 
                                    KR1 plc 
 
                           ("KR1" or the "Company") 
 
                      Investment Update: Moonbeam Network 
 
KR1 plc (KR1:AQSE), a leading digital asset investment company, is pleased to 
announce the Company's participation in the Moonbeam ("GLMR") crowdloan and 
Polkadot ("DOT") parachain auction. KR1 contributed a total of 350,000.00 DOT 
to the Moonbeam crowdloan campaign, which successfully secured the second 
parachain slot in the ongoing round of Polkadot parachain auctions. 
 
Moonbeam is an Ethereum-compatible smart contract platform on the Polkadot 
network that makes it easy to build natively interoperable applications. The 
Ethereum compatibility allows developers to deploy existing Solidity smart 
contracts and dApp frontends to Moonbeam with minimal changes. As a parachain 
on the Polkadot network, Moonbeam will benefit from the shared security of the 
Polkadot relay chain and integrations with other chains that are connected to 
Polkadot. Moonbeam and its sister chain Moonriver on Kusama have already gained 
traction with notable project integrations including Lido's liquid staking 
solution, the decentralised exchange SushiSwap and blockchain explorer 
Etherscan. 
 
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 
Moonbeam parachain lease. Following the successful Moonbeam parachain auction 
bid, KR1 is going to receive a to-be-determined amount of Moonbeam ("GLMR") 
tokens over a time period of 96 weeks in return for supporting the Moonbeam 
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, following Moonbeam's token redenomination, the Company will 
receive a total of 13,000,000.00 GLMR tokens in line with KR1's previous 
backing of Moonbeam's seed and strategic funding rounds. 
 
Keld van Schreven, Managing Director and Co-Founder of KR1, commented: 
 
"Moonbeam is having an incredibly successful dry run with its sister chain 
Moonriver on Kusama, with millions of transactions and hundreds of thousands of 
active wallets only three months after launch.  As such, it has become the home 
to several high quality projects and a very actively engaged community of 
enthusiasts. Both, Moonbeam and Moonriver, are capturing the blockchain 
community's imagination with an 'Ethereum 3.0' meme, driving interest, traction 
and attracting quality projects. We are very confident that Moonbeam will 
become one of the dominant projects in the Polkadot ecosystem, which is a real 
credit to the hard work that the whole Moonbeam team and its wider community 
have achieved." 
 
The Directors of KR1 plc accept responsibility for this announcement. 
 
                                   --ENDS-- 
 
For further information please contact: 
 
KR1 PLC                                                 [phone] 
George McDonaugh 
Keld van Schreven                                              [e-mail] 
Simon Nicol 
 
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 
 
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). 
 
 
 
END 
 
 

(END) Dow Jones Newswires

November 26, 2021 10:12 ET (15:12 GMT)