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DJ KR1 plc Investment: Plasm

 
TIDMKR1 
 
8 June 2020 
 
                                    KR1 plc 
 
                           ("KR1" or the "Company") 
 
                               Investment: Plasm 
 
KR1 plc (KR1: AQSE) is pleased to announce its participation in the Plasm 
("Plasm" or "PLM") token distribution event, termed a 'lockdrop'. KR1 
time-locked a total of 1,232 Ether ("ETH"), equivalent to USD 253,249.92 at the 
time of the transactions, via a smart contract for various durations. In return 
for locking up the ETH, the Company will receive 66,285,652.28 PLM tokens. 
 
KR1 will regain access to the currently time-locked total of 1,232 ETH in three 
intervals, with the large majority being released within 300 days and the 
residual being released after 1,000 days from the time of the lockdrop. This 
method of token distribution involves no direct investment of capital, instead, 
it is an indirect investment with the opportunity costs being the 
inaccessibility of the time-locked ETH funds. The Company considers this a 
novel and innovative way to optimize the utilization of assets in its 
portfolio. Previously, KR1 has successfully participated in similar activities 
with crypto networks such as Edgeware and ChainX. 
 
Plasm is a highly scalable decentralised application platform that is going to 
launch on the Polkadot blockchain. Developers can build secure and scalable 
applications on Plasm's 'Layer 2' solution for fast and high capacity 
transactions. 
 
Sota Watanabe, Founder of Plasm, commented: 
 
"We are very excited to work with KR1 to build core infrastructure for the 
Web3. Plasm is going  to be a leading scalable smart contract platform on 
Polkadot supporting cutting edge Layer 2 technical solutions such as Plasma, 
State Channels and Rollups." 
 
Keld van Schreven, Managing Director and Co-Founder of KR1, commented: 
 
"Plasm is a giant step for allowing developers to build super-fast and scalable 
apps on the Polkadot blockchain. Polkadot is a highly anticipated blockchain 
that is launching this summer and is also KR1's largest investment to date. Our 
'lockdropped' ETH was spread out over three lockdrop time periods to minimise 
risk and maximise KR1's network participation." 
 
"Once again, KR1 is innovating in value creation by actively participating in 
lockdrops, using our existing assets and helping nascent crypto networks get 
off the ground. These novel token distributions signal the importance and 
potential future value of crypto networks. Lockdrops, as well as similar types 
of collateral 'drops', are an exciting new value creation method for KR1, 
putting the portfolio's assets to maximum use and establishing strong 
connections with upcoming crypto networks as key partners." 
 
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 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

June 08, 2020 02:01 ET (06:01 GMT)