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KR1 PLC

KR1 injects total of US$250,000 into data framework and exchange ventures

The money is being spent on a US$200,000 investment in the Rlay project while the remaining US$50,000 is going to the Nash exchange

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Rlay is a network designed to solve an issue regarding the accuracy of external data in a blockchain system

Blockchain and cryptocurrency investor KR1 Plc (LON:KR1) has invested a total of US$250,000 into new ventures comprising a data collaboration framework and a decentralised exchange platform.

The first investment of US$200,000 was into the Rlay project and was provided in tranches over the last year. In return, KR1 said it would receive a yet-to-be-determined amount of discounted tokens which will power the platform at a “significant discount” to the lowest price paid by any investor in the event on an initial coin offering (ICO).

READ: KR1 sets up subsidiary in Gibraltar which it believes should provide “new and potentially significant revenue stream”

Rlay is a network designed to solve an issue with blockchain regarding the accuracy of external data being put into the system. The project aims to use a mixture of token incentives and computer software to create verifiably correct data sets that can then be used with greater confidence than data relying solely on trust.

The remaining US$50,000 was invested in the Nash Exchange, a decentralised platform that uses an off-chain matching engine and on-chain settlement layer to allow high volume and complex transactions at high speed while licensing out fiat currency on and off ramps to businesses.

George McDonaugh, chief executive of KR1, said Rlay represented “a possible paradigm shift” in the way information is verified and understood, while in the blockchain space specifically, it could provide the ability for smart contracts to verify information and solve “a very significant missing piece of the puzzle”.

For Nash, McDonaugh said the trade-off between the slowness of decentralised exchanges and the untrustworthiness of centralised exchanges had been “a major barrier to adoption”, but Nash was “breaking new ground in solving these issues”.

READ: KR1 raises £785,000 via share placing to boost its investments in blockchain token community

KR1 will likely be dipping into its replenished funds for the new set of investments, having raised £785,000 via a share placing in December to stimulate its investments in the blockchain community.

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