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DJ KR1 plc New Investments

 
TIDMKR1 
 
30 October 2019 
 
                                    KR1 Plc 
 
                           ("KR1" or the "Company") 
 
                Investments: Vega, Edgeware, Commonwealth Labs 
 
Vega Protocol 
 
KR1 is pleased to announce that the Company has invested a total of US$100,000 
into the Vega Protocol ("Vega") seed round. In addition, KR1 has entered into 
an advisory agreement to provide expertise on varied aspects of bringing the 
new and innovative Vega platform to market. Across both the investment and 
advisory agreement, KR1 will receive a total of 1.017% of Vega tokens issued. 
 
The Vega Protocol is a fully decentralised and censorship-resistant 
blockchain-based trading platform that will improve access, reduce costs, and 
increase innovation in derivatives and other financial products. Vega allows 
anyone to create new products and markets, trade, and build decentralised 
applications using Vega. Markets on Vega can be anything from futures on the 
price of oil or bitcoin, to sports betting, Contracts for Difference (CFDs) on 
the S&P 500, options, swaps, and more. The platform is designed to be 
trust-minimising, performant, and scalable, including strong on-chain 
governance around market creation and abuse prevention. 
 
KR1 took part in an over-subscribed successful seed round alongside a 
handpicked group of notable investors, including US-based Pantera Capital and 
Seoul-based Hashed Capital. 
 
Barney Mannerings, Founder of Vega, commented: "From Vega's inception, the KR1 
team have been unwavering supporters of the project and were key in introducing 
us to the blockchain investment ecosystem. They are great partners and advisors 
and we look forward to working with them further as we bring Vega to market." 
 
Edgeware 
 
KR1 is pleased to announce the Company has participated in the Edgeware 
("Edgeware" or "EDG") token distribution, termed 'lock-drop'. KR1 time-locked 
1,000 Ether ("ETH"), equivalent to US$266,220 at the time of the transaction, 
via a smart contract for a duration of 12 months. In return for locking up the 
ETH for 12 months, KR1 will receive 3,814,886.6 EDG tokens. KR1 will regain 
access to the currently time-locked 1,000 ETH at the end of the lock-drop 
period in June 2020. 
 
Edgeware is a high-performance smart-contract platform implemented on the 
Polkadot network as a parachain. Edgeware aims to allow participants to vote, 
delegate and fund each other to upgrade the network. Thriving communities are 
key to building strong governance, so through the Edgeware lock-drop system, 
the development team created an innovative way of distributing their EDG token. 
The lock-drop is a new way of distributing tokens that does not require direct 
investment. Instead, in return for locking up ETH tokens in a smart contract, 
participants will receive EDG tokens in relation to two metrics: firstly, the 
amount of ETH placed in the contract: and, secondly, the length of time the 
participant chooses to lock up their tokens. 
 
The Edgeware lock-drop has been very successful, securing a total value of over 
US$200 million in time-locked ETH. A further US$800 million worth of ETH was 
'signalled' to the Edgeware project. Signalling was another way to participate 
in the distribution by merely signalling your public Ethereum address holding 
ETH to Edgeware and receiving a lower amount of EDG tokens relative to directly 
time-locking the ETH.  The successful participation by such a large community 
bodes well for the future of the Edgeware project, and also shows major 
interest in the Polkadot ecosystem network, as Edgeware will be the first 
smart-contract project to launch on top of Polkadot. 
 
Commonwealth Labs 
 
KR1 is pleased to announce the Company has invested US$50,000 into Commonwealth 
Labs ("Commonwealth") via a Simple Agreement for Future Equity (SAFE). With a 
SAFE valuation cap at US$8 million, KR1 will receive a minimum of 0.625% of the 
equity in the San Francisco based company. 
 
Commonwealth's main focus is bringing the above discussed Edgeware 
smart-contract platform to market as the main for-profit development entity. In 
addition to this, Commonwealth plans to on-board multiple other crypto networks 
to their state-of-the-art governance interface. The governance interface allows 
protocols to update new features efficiently while also keeping project teams 
accountable and driving correct resource allocation. As decentralised protocols 
and networks gain users and attract ever-larger sums of finance, governance 
becomes a key component to ensure these systems remain robust and develop new 
capabilities. 
 
George McDonaugh, Managing Director, commented on KR1's recent investments: 
 
"These most recent investments are exciting additions to our portfolio. We 
expect to see material returns from them as we continue building on our past 
successes and increasing shareholder value." 
 
"Vega fits perfectly into our current investment focus, a London-based team who 
have wide and distinguished careers in their respective fields. The project 
itself seeks to decentralise margin and derivatives trading, which is one of 
the largest areas of both, the blockchain industry as well as traditional 
financial markets in terms of users and volumes. We look forward to helping 
them on their journey to innovating this important segment of the market." 
 
"As strong supporters of the emerging Polkadot ecosystem, we're excited to back 
the highly skilled teams behind Edgeware and Commonwealth Labs, who are working 
entirely on bringing smart contract capabilities to Polkadot, along with a 
strong governance system. Their lock-drop token issuance system for the 
Edgeware platform has been resoundingly successful. With the community looking 
very strong, this is a positive indication for the future of Edgeware and 
Polkadot combined." 
 
                                   - ENDS - 
 
KR1 Plc                                                     +44 (0)16 2467 6716 
George McDonaugh                                                   simon@KR1.io 
Simon Nicol 
 
Peterhouse Capital Limited                                  +44 (0)20 7469 0930 
(NEX Corporate Adviser) 
Mark Anwyl 
Allie Feuerlein 
 
Nominis Advisory Ltd                                                  pr@KR1.io 
(PR Adviser) 
Angus Campbell 
 
About KR1 Plc 
 
KR1 is a leading digital asset investment company supporting early-stage 
decentralised and open-source blockchain projects. Founded in 2016 and publicly 
traded in London (NEX:KR1), KR1 has built a notable reputation for generating 
significant returns by investing in many key projects that are designed to 
power the decentralised platforms and protocols that are emerging to form new 
internet infrastructures. 
 
www.KR1.io 
 
Market Abuse Regulation (MAR) Disclosure 
 
The information contained within this announcement is deemed by the Company to 
constitute inside information as stipulated under the Market Abuse Regulation 
(EU) No. 596/2014. Upon the publication of this announcement via a Regulatory 
Information Service, this inside information is now considered to be in the 
public domain. 
 
 
 
END 
 

(END) Dow Jones Newswires

October 30, 2019 03:01 ET (07:01 GMT)