KR1 plc - Investment: Zeitgeist PR Newswire

14 April 2022

KR1 PLC

(“KR1” or the “Company”)

Investment: Zeitgeist

KR1 plc (KR1:AQSE), a leading digital asset investment company, is pleased to announce that the Company has invested a total of US$700,000 into Zeitgeist (“ZTG”) in return for 1,000,000 ZTG tokens.

Zeitgeist is an application specific blockchain for prediction markets and futarchy, built for the Kusama and Polkadot ecosystem. After a market is created in a particular variable by someone, anyone can take positions on future outcomes of that particular market. As different parties often hold different views regarding specific variables, Zeitgeist allows them to buy market shares in their preferred outcome. Following the conclusion of the event, a decentralised oracle resolves the market. Market participants who took the correct position can redeem their shares for ZTG, the native token of the Zeitgeist protocol, which also plays a critical role in market creation and dispute resolution.

Zeitgeist is built on top of Polkadot’s Substrate framework and has already secured a lease to join Kusama as a parachain, enabling the project to keep transaction fees affordable even with high traffic. Zeitgeist is governed by the holders of the ZTG using a mix of normal token voting and a new futarchy model, ensuring that no single entity controls the network.

George McDonaugh, Managing Director and Co-Founder of KR1, commented:

“Over the last decade we have seen only a glimpse of what prediction markets could be capable of. With the combination of Kusama and Polkadot, as well as the design choices of the Zeitgeist team, the technology is finally available to deliver a cheap, usable and intuitive protocol that is going to bring the power of prediction markets to a mainstream user base. We are very excited to support them on this journey.”

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