8 June 2020
(“KR1” or the “Company”)
KR1 plc (KR1: AQSE) is pleased to announce its participation in the Plasm (“Plasm” or “PLM”) token distribution event, termed a ‘lockdrop’. KR1 time-locked a total of 1,232 Ether (“ETH”), equivalent to USD 253,249.92 at the time of the transactions, via a smart contract for various durations. In return for locking up the ETH, the Company will receive 66,285,652.28 PLM tokens.
KR1 will regain access to the currently time-locked total of 1,232 ETH in three intervals, with the large majority being released within 300 days and the residual being released after 1,000 days from the time of the lockdrop. 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 time-locked ETH funds. The Company considers this a novel and innovative way to optimize the utilization of assets in its portfolio. Previously, KR1 has successfully participated in similar activities with crypto networks such as Edgeware and ChainX.
Plasm is a highly scalable decentralised application platform that is going to launch on the Polkadot blockchain. Developers can build secure and scalable applications on Plasm’s ‘Layer 2’ solution for fast and high capacity transactions.
Sota Watanabe, Founder of Plasm, commented:
“We are very excited to work with KR1 to build core infrastructure for the Web3. Plasm is going to be a leading scalable smart contract platform on Polkadot supporting cutting edge Layer 2 technical solutions such as Plasma, State Channels and Rollups.”
Keld van Schreven, Managing Director and Co-Founder of KR1, commented:
“Plasm is a giant step for allowing developers to build super-fast and scalable apps on the Polkadot blockchain. Polkadot is a highly anticipated blockchain that is launching this summer and is also KR1’s largest investment to date. Our ‘lockdropped’ ETH was spread out over three lockdrop time periods to minimise risk and maximise KR1’s network participation.”
“Once again, KR1 is innovating in value creation by actively participating in lockdrops, using our existing assets and helping nascent crypto networks get off the ground. These novel token distributions signal the importance and potential future value of crypto networks. Lockdrops, as well as similar types of collateral ‘drops’, are an exciting new value creation method for KR1, putting the portfolio’s assets to maximum use and establishing strong connections with upcoming crypto networks as key partners.”
For further information please contact:
+44 (0)16 2467 6716
|Peterhouse Capital Limited
|(AQSE Corporate Adviser)
+44 (0)20 7469 0930
|Nominis Advisory Ltd
About KR1 plc
KR1 is a leading digital asset investment company supporting early-stage decentralised and open-source blockchain projects. Founded in 2016 and publicly traded in London (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 emerging to form new internet infrastructures.
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.
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