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KR1 posts £4.6mln profit after launch of Cosmos network

Liquid assets included cash at bank of £0.57mln, cash equivalents valued at £1.1mln and a further £0.51mln cash held on trading platforms

KR1 PLC -

KR1 PLC (LON:KR1) reported a £4.6mln unrealised profit from the increase in the value of its portfolio of cryptocurrency assets in the first half of the year despite a volatile period for the market.

The profit was largely driven by the successful launch of the Cosmos network in March, allowing the company to sell and ‘stake’ its Cosmos ATOM tokens.

Staking, a process where holders commit their tokens to help validate blockchain transactions in return for a fee, was recognised in the revenue of £116,788 over the period since Cosmos’ launch.

Chief executive George McDonaugh said he believes Cosmos as well as Polkadot, Dfinity and other proof-of-stake blockchains “are going to yield healthy cash flows to the business going forward to support operations and keep our cash balance strong”.

With a number of new Polkadot and Cosmos projects launching, he said the company was “fully focused” on seeking new investment opportunities in these areas, as well as the hot area of 'Decentralised Finance', aka DeFi, on Ethereum, which is high-risk but offers “yields and rates not available anywhere outside of the sector”.

A realised profit of £0.58mln was made in the first six months of the year.

Total assets of £10.7mln included cash at bank of £0.57mln, cash equivalents valued at £1.1mln and a further £0.51mln cash held on trading platforms.

Quick facts: KR1 PLC

Price: 5 GBX

NEX:KR1
Market: NEX
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