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DJ KR1 plc Investment: Union Finance

 
TIDMKR1 
 
1 May 2020 
 
                                    KR1 plc 
                           ("KR1" or the "Company") 
 
                           Investment: Union Finance 
 
KR1 is pleased to announce that the Company has invested a total of US$75,000 
in the Union Finance project. The Company will receive a yet-to-be-determined 
amount of discounted tokens from this seed round participation. 
 
Union Finance ("Union") is a credit mutual built on Ethereum, which allows 
people and organisations to take out loans on the blockchain without the need 
for collateral, a credit score, or revealing personal information on a public 
ledger. 
 
Jacob Shiach, Founder of Union Finance commented: "KR1 saw the opportunity in 
Union even before I did, and their early support was critical in getting this 
company rolling; I'm excited to build the future of credit with them." 
 
Ethereum's decentralised finance 'DeFi' ecosystem is presently relying on heavy 
over-collateralisation, which makes some projects capital inefficient for most 
personal or business credit use cases and limits the appeal for mainstream 
adoption. Unions' unsecured lending protocol opens up this emerging financial 
system to a much larger set of use cases, for example micro-loans,  credit 
lines within the Internet of Things and social lending. 
 
KR1 was joined in the Union seed round by 1kx, CoinFund and a number of 
prominent Ethereum DeFi angel investors. 
 
Keld van Schreven, Managing Director & Co-Founder of KR1 commented: 
 
"With around US$1 billion locked up in the DeFi ecosystem, it has grown 
considerably in the past 12 months, and we expect it to grow further. Union is 
exactly the type of DeFi project KR1 likes to back. It is a new, innovative 
platform to open up uncollateralised lending to everyone and represents a 
paradigm shift for DeFi. Jacob is re-imagining uncollateralised lending and 
Union leverages the power of Ethereum to unlock an entirely new area of the 
decentralised finance ecosystem." 
 
For further information please contact: 
 
KR1 PLC 
George McDonaugh           +44 (0)16 2467 6716 
Simon Nicol               simon@KR1.io 
 
Peterhouse Capital Limited           (AQSE Corporate Adviser) 
Mark Anwyl               +44 (0)20 7469 0930 
Allie Feuerlein 
 
Nominis Advisory Ltd        (PR Adviser) 
Angus Campbell         pr@KR1.io 
 
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 (KR1:AQSE), 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 
 
 
 
END 
 

(END) Dow Jones Newswires

May 01, 2020 02:01 ET (06:01 GMT)