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KR1’s stake in digital currency wallet Vo1t now worth US$1.4mln

Vo1t is valued at US$17mln following its latest round of funding, meaning KR1’s almost-8% stake is worth US$1.4mln
digital wallet
Customers can store currencies such as Bitcoin, Ethereum and Ripple in their Vo1t wallets

Blockchain and cryptocurrency investor KR1 PLC’s (NEX:KR1) stake in Vo1t has surged after the digital currency wallet raised US$2mln from investors.

The fundraise, which saw a highly-regarded family office and “strategic individuals” in the finance industry pour in some more cash, valued Vo1t at US$17mln post-money.

READ: KR1 checks out of Golem and Qtum with healthy profit

Following the latest round of financing and the conversion of loan notes, KR1’s 7.94% stake in Vo1t is now worth US$1.4mln.

NEX-listed KR1 paid US$260,000 (£200,000) for a 5% stake in Vo1t just over a year ago.

“Since its inception we have seen Vo1t gain great traction, continuing to onboard new clients and consistently generating revenue every month,” said KR1 chief executive George McDonaugh.

“This year and with the funds raised, they have extended their service offering significantly to exchanges and leading financial institutions exploring digital assets and the blockchain space.

He added: “The company’s assets in custody increased significantly from our seed round participation earlier in 2017.”

KR1 shares were changing hand for 6.25p in early afternoon trade on Monday.

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