KR1 PLC (LON:KR1) said it has invested US$250,000 into Equilibrium (EQ), a decentralised interoperable money market built on the Polkadot blockchain, in return for 595,238 EQ tokens.
The digital asset investment firm said the EQ project is attempting to solve the fragmentation issue of decentralised finance (DeFi) across multiple protocols and addresses the absence of cross-chain interoperability.
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As a product, Equilibrium combines a lending platform with a professional-grade cross-chain decentralised exchange, stablecoins, synthetic assets, margin trading, and perpetual swaps in one interface.
"In the latest [funding] round, we were seeking value-add partners rather than just investors. We are excited to have KR1 on board as they are one of the most reputable and established crypto funds in the ecosystem. Given the coming parachain auctions on Kusama and Polkadot, you simply cannot get there without support from some of the influential players", Equilibrium chief executive and co-founder Alex Melikhov said in a statement.
“Equilibrium has a bold vision of how a next generation DeFi platform should look like. Using Polkadot as its base layer, we are excited about Equilibrium’s potential to unlock and expand DeFi to an as yet untapped range of digital assets. As a new place to lend, borrow, trade and stake digital assets, it is going to be a major player in the ecosystem, and we are very excited to support Alex and his team on their journey”, added KR1 managing director Keld van Schreven.
Shares in KR1 were trading at around 183.5p on the Aquis Exchange in late afternoon on Monday.