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DJ KR1 plc Portfolio Update: Nexus Mutual

 
TIDMKR1 
 
23 July 2020 
 
                                    KR1 plc 
 
                           ("KR1" or the "Company") 
 
                        Portfolio Update: Nexus Mutual 
 
KR1 plc (KR1:AQSE), a leading digital asset investment company, is pleased to 
announce that the Company has sold 35,128.30 NXM tokens in the Nexus Mutual 
("Nexus" or "NXM") project at an average price of USD $14.03  per NXM token, 
generating proceeds of USD $492,991.85.  These NXM tokens were acquired at an 
average price of USD $2.24  per NXM token during the project's seed round and 
after the project's mainnet launch. 
 
Nexus Mutual is recreating the mutual insurance company model on a global 
scale, bringing people together to share risk, without the need for an 
insurance company. Built on Ethereum, the NXM project currently offers cover 
for an array of popular smart contracts and is becoming a crucially important 
element in the rapidly expanding Ethereum DeFi ("Decentralised Finance") 
ecosystem. 
 
Over the last few months, Nexus has seen surging demand, and has now written 
over USD $16.39 million worth of cover since launch. Nexus is also continuously 
expanding its capacities, having scaled the capital pool to USD $7.64 million 
in funds and signing up more than 1,000 members since its inception. 
 
The NXM token is priced through a formula that takes into account important 
parameters relating to the underlying capital pool and performance of the 
mutual, which maintains capital efficiency and guarantees the highest standards 
of solvency. Due to a rapid influx of funds that resulted in excess capital in 
Nexus' pool, the NXM price spiked to levels that strongly encouraged 
redemptions. 
 
KR1 continues to hold more than three quarters of its initial Nexus position 
and intends to potentially repurchase some NXM tokens, after the pricing and 
capital pool dynamics return to normal levels. 
 
George McDonaugh, Managing Director and Co-Founder of KR1, commented: 
 
"We're delighted  to have successfully backed another major DeFi project. We 
were the first brave money in at the seed round in 2017, when only a few saw 
the potential in Nexus, and long before the ecosystem had even taken shape. 
 
The special talent and background of Nexus Mutual's founder, Hugh Karp, as well 
as the team's hard work and dedication, have placed them at the heart of this 
new economy. Nexus' smart contract cover is a perfect example of successful 
product-market fit, which is a rare occurrence in the yet nascent crypto world. 
 
Ethereum has given birth to this new era of disruptive composable financial 
applications and we have been a major early investor in ground-breaking 
projects including Acala, Argent, Melon, Union and Vega Protocol, to name a 
few. In stark contrast to the low level of developer activity on Bitcoin, the 
burgeoning DeFi world is testament to the Ethereum community's strong 
willingness to experiment." 
 
For further information please contact: 
 
KR1 PLC 
George McDonaugh                                                    +44 (0)16 2467 6716 
 
Keld van Schreven 
 
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

July 23, 2020 02:01 ET (06:01 GMT)