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KR1 expands blockchain portfolio with three new investments

The investments included Nym Protocol, a blockchain-based platform that helps develop applications to protect against metadata leakage

KR1 PLC - KR1 expands portfolio with three new investments

KR1 PLC (LON:KR1) has unveiled new investments in three blockchain-based technology firms.

The digital asset firm said it had invested 150,000 Swiss francs (£125,400) in the Nym Protocol project, an open-source, decentralised network that allows developers to build applications that protect against the leakage of metadata, information which can include things such as contact information and the origin and destination of messages.

READ: KR1 nets over US$300,000 from sale of ATOM tokens

KR1 said it would receive an, as yet undetermined number of discounted tokens in Nym in return for backing the project.

The company said it had also made an additional investment in Nexus Mutual, a company attempting to create a mutual insurance platform using blockchain technology, by paying US$73,823 for 29,182.9 Nexus tokens at a price of US$2.53 each.

The investment will add to the 110,776 tokens that KR1 purchased in an April 2018 seed round for US$2.28 apiece, as well as 5,836.6 bonus tokens, giving it a total holding of 145,785.5 tokens.

The third investment was £70,128 for around 1.5mln shares, or a 1.33% stake, in Alice Si, a social funding platform attempting to use blockchain technology to better scale and allocate funds to social projects.

George McDonaugh, chief executive of KR1, said the new investments were “in line” with the group’s strategy of growing its portfolio while building shareholder value.

“It’s a testament to the power of blockchain technology that these vital areas of our lives can potentially be so greatly enhanced by this technology. We look forward to being alongside all projects as they deliver their visions”, he added.

In early trading on the NEX exchange, KR1's shares were around 6.8p.

--Adds share price--

Quick facts: KR1 PLC

Price: 4.75 GBX

NEX:KR1
Market: NEX
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Full interview: KR1 PLC adds three new investments to its blockchain...

KR1 PLC's (LON:KR1) George McDonaugh speaks to Proactive London after adding three new investments to its blockchain technology portfolio costing around US$416,000. The first investment is US$100,000 into Vega Protocol, the second investment is in Edgeware and the third and final investment...

on 4/11/19

2 min read