KR1 plc - Investment Update: Interlay PR Newswire

9 March 2022

KR1 PLC

(“KR1” or the “Company”)

Investment Update: Interlay

KR1 plc (KR1:AQSE), a leading digital asset investment company, is pleased to announce the Company’s participation in the Interlay (“INTR”) crowdloan and Polkadot (“DOT”) parachain auction. KR1 contributed a total of 250,000.00 DOT to the Interlay crowdloan campaign, which successfully secured a parachain slot in the ongoing round of Polkadot parachain auctions. 

Interlay is currently building out its flagship product ‘interBTC’, a fully collateralized one-to-one Bitcoin-backed asset that enables interoperability between multiple blockchain ecosystems while fully preserving Bitcoin’s censorship-resistant nature. At its core, interBTC leverages the concept of trustless and efficient cross-chain exchanges using cryptocurrency-backed assets introduced in previous research published by the Interlay team. interBTC will launch as a parachain on Polkadot and, once launched, can be utilised on Ethereum, Cosmos, Kusama and other networks in a seamless way through Polkadot’s interoperability technology. 

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 Interlay parachain lease. Following the successful Interlay parachain auction bid, KR1 is going to receive a to-be-determined amount of INTR tokens over a time period of 96 weeks in return for supporting the Interlay 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.

The Company is also pleased to announce its participation in Interlay Ltd.’s Pre-Series A funding round, investing a further US$509,224 in return for 1,060 Series Seed-2 Shares. Following the completion of this funding round, the Company now holds an interest in Interlay Ltd. of 1,224 Series Seed Shares, as announced on 30 July 2021, as well as 1,060 Series Seed-2 Shares.

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

“We are delighted to continue supporting Interlay, along with its sister project Kintsugi, to allow the most liquid crypto asset in the world, Bitcoin, to be bridged into the Polkadot and Kusama ecosystems.”

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