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KR1 nets over US$200k from sale of OmiseGo holdings in one of its “most successful investments to date”

The digital asset investment firm said it had sold its remaining tokens in OmiseGo at an average price of US$2 each, a 650% increase on the original purchase price of US$0.27
Blockchains
OmiseGo is a blockchain-based finance network

KR1 PLC (LON:KR1) has netted US$205,851 from the sale of its stake in blockchain-based finance network OmiseGo (OMG), which it described as one of its “most successful investments to date”.

The digital asset investment firm said it had sold its remaining OMG tokens at an average price of US$2 each, a 650% increase on the original purchase price of US$0.27.

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

KR1 added that it had also sold 25,000 tokens of its holding in the Nash Exchange, a blockchain-based digital asset exchange, for an average price of US$2 each, a 103% premium on the purchase price of US$1 each.

The company still has 25,000 tokens in Nash and was expecting a successful exchange launch for the project toward the end of the year.

KR1 said the funds from the sales would be used to invest into new projects.

George McDonaugh, chief executive of KR1, said innovation in the blockchain space had continued throughout the recent year despite a “bear market” and that the OMG and Nash investments had generated “significant returns” and would allow the firm to “capitalise on the current positive shift in market sentiment”.

“In line with KR1's strategy to stay nimble and back the very best projects in the space, we aim to time our exits when the time is right in order to achieve considerable returns on our investments."

KR1’s shares, which are traded on the NEX exchange, were at 7p on Thursday morning.

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