KR1 plc - Investment Update: HydraDX PR Newswire

21 February 2022

KR1 PLC

(“KR1” or the “Company”)

Investment Update: HydraDX

KR1 plc (KR1:AQSE), a leading digital asset investment company, is pleased to announce the Company’s participation in the HydraDX (“HDX”) crowdloan and Polkadot (“DOT”) parachain auction. KR1 contributed a total of 350,000.00 DOT to the HydraDX crowdloan campaign, which successfully secured a parachain slot in the ongoing round of Polkadot parachain auctions. 

HydraDX is a cross-chain liquidity protocol designed to enable frictionless liquidity for crypto assets across various chains. In contrast to most decentralised exchanges in production today, which rely on separate pools for separate assets, HydraDX’s solution enables deposits of ‘all’ assets into one shared liquidity pool, the ‘Omnipool’, unlocking unparalleled efficiencies. 

The contributed DOT will be time-locked on the Polkadot blockchain for 96 weeks and will be returned to the Company following the completion of the respective HydraDX parachain lease. Following the successful HydraDX parachain auction bid, KR1 is going to receive a to-be-determined amount of HydraDX tokens over a time period of 96 weeks in return for supporting the HydraDX crowdloan campaign. 

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 locked DOT funds as well as foregoing any staking yields on the contributed DOT for the time period.

In addition, the Company will receive a total of 45,000,000 HDX tokens (and a yet-to-be-determined amount of Basilisk (“BSX”) tokens) in line with KR1’s previous backing of HydraDX’s seed funding round that was announced on 22 December 2020 and a much smaller, yet-to-be-determined amount of HDX tokens in line with the Company’s contribution to Basilisk’s Kusama crowdloan campaign and parachain auction that was announced on 22 September 2021.

Keld van Schreven, Managing Director and Co-Founder of KR1, commented:

“HydraDX winning a Polkadot parachain slot is the next big step for the project and a huge endorsement by the community of the protocol's objective to bring all liquidity together in an ‘ocean of liquidity’. We see HydraDX as the endgame of liquidity in a cross-chain world and we have a high conviction rate in the team's ability to achieve this goal.”

The Directors of KR1 plc accept responsibility for this announcement.

--ENDS--

For further information please contact:

KR1 PLC
George McDonaugh
Keld van Schreven
+44 (0)1624 630 630
Peterhouse Capital Limited (AQSE Corporate Adviser)
Mark Anwyl
+44 (0)20 7469 0930
FTI Consulting LLP (PR Adviser)
Ed Berry
Laura Ewart
+44 (0)7711 387 085
KR1@fticonsulting.com

About KR1 plc

KR1 plc is a leading digital asset investment company supporting early-stage decentralised and open source blockchain projects. Founded in 2016 and publicly traded in London on the AQSE Growth Market (KR1:AQSE), KR1 has one of the longest and most successful track records of investment in the digital assets space by investing in decentralised platforms and protocols that are emerging to form new financial and internet infrastructures.

www.KR1.io