KR1 plc – Investment and Portfolio Update: Moonriver
PR Newswire
London, September 1
Date: 1 September 2021
KR1 plc
(“KR1” or the “Company”)
Investment and Portfolio Update: Moonriver
KR1 plc (KR1:AQSE), a leading digital asset investment company, is pleased to announce the Company’s participation in the Moonriver (“MOVR”) crowdloan and Kusama (“KSM”) parachain auction. KR1 contributed a total of 5,000 KSM to the Moonriver crowdloan campaign, which successfully secured the second parachain slot in the previous round of Kusama parachain auctions.
Moonriver is a community-led Ethereum-compatible smart contracts platform on Kusama, acting as a permanently incentivised canary network of the Moonbeam project.
Subsequent to the successful Moonriver parachain auction bid, KR1 received an initial unlocked tranche of 19,666.35 MOVR and is expecting to gradually receive a further estimated 45,888.15 MOVR over a period of 48 weeks.
The contributed KSM are time-locked on the Kusama blockchain for a period of 48 weeks and will be returned to the Company following the completion of the respective Moonriver parachain lease. 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 KSM funds, as well as, foregoing any staking yields on the contributed KSM for the time period.
The Company is also pleased to announce that it has already realised a part of its initial tranche of received Moonriver (“MOVR”) tokens, having sold a total of 15,643.19 MOVR and, in turn, having purchased a total of 5,162.25 KSM with the entire proceeds from this sale.
As at the date of this announcement, the Company continues to hold 4,023.16 unlocked MOVR and is expecting to receive a further estimated 45,888.15 MOVR tokens in line with its parachain auction contribution, suggesting a total position of 49,911.31 MOVR. Also, following the purchase of KSM as well as KSM staking rewards generated since the Company’s last Kusama staking update, KR1 now holds a total of 48,057.89 KSM as at the date of this announcement.
In contrast to other Kusama sister networks, the Moonbeam Foundation opted for not granting any MOVR tokens to the founding team or to previous backers of Moonbeam-focused funding rounds, thereby laying the foundation for a strong community-led network.
George McDonaugh, Managing Director and Co-Founder of KR1, commented:
“It is fantastic to see the excitement within the Kusama community for Moonriver, as well as the many other extremely well coordinated launches of technically sophisticated parachains. Moonriver and the entire team have our full support and we are looking forward to developers taking advantage of Moonriver’s Ethereum-like environment that is fully compatible with existing tools and protocols.”
“Considering the exceptional traction of MOVR in the secondary markets, we had to find a balance as a Company and could not pass on the opportunity to realise some profits on our contributed KSM. This partial exit allows us to be an even more active participant in further upcoming parachain auctions and is also strengthening our staking activities going forward.”
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 |
(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 on the Apex 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).