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KR1 unveils three new investments

One of the investments is into Vega Protocol, a blockchain-based trading platform designed to improve access and innovation in derivatives and other financial products while protecting against market abuse and fraud

KR1 PLC - KR1 unveils three new investments
The new investments total around US$416,000

KR1 PLC (LON:KR1) has added three new investments to its blockchain technology portfolio costing around US$416,000.

The first investment is US$100,000 into Vega Protocol, a blockchain-based trading platform designed to improve access and innovation in derivatives and other financial products while also protecting against market abuse and fraud.

WATCH: KR1 PLC adds three new investments to its blockchain technology portfolio

KR1 participated in an oversubscribed seed funding round for Vega alongside other handpicked investors and has also signed an advisory agreement with the firm to provide expertise on bringing the platform to market.

Across both the investment and the advisory agreement, KR1 will receive just over 1% of tokens issued by Vega.

The second investment is in Edgeware, a smart contract platform which is seeking to fund its initial growth by allowing investors to lock an investment in the Ethereum cryptocurrency in return for tokens in the Edgeware network.

KR1 has injected US$266,220 in the network by ‘locking up’ 1,000 Ethereum for 12 months, in return for which it will receive around 3.8mln Edgeware tokens. The Ethereum will also be released at the end of the lock-up period in June 2020.

Edgeware has secured over US$200mln in time-locked Ethereum, which KR1 says shows “major interest” in the network.

The third and final investment was US$50,000 into Commonwealth Labs, a firm dedicated to bringing the Edgeware smart contract platform to market.

As part of the investment, KR1 said it will receive a minimum stake of 0.6% in Commonwealth.

George McDonaugh, KR1’s managing director, said they expected to see “material returns” from the new investments.

In early trading on Wednesday, KR1’s shares were valued at around 5.5p on the NEX exchange.

Quick facts: KR1 PLC

Price: 5 GBX

NEX:KR1
Market: NEX
Market Cap: -
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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