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).
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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”.
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.