("KR1" or the "Company")
Investments: Nym, Nexus and Alice
Nym is an open-source, decentralised and incentivised network that will allow developers to build applications that provide users with strong guarantees against metadata leakage, at the level of network traffic, authentication and payments. While there may be privacy-based cryptocurrencies or messaging systems in existence today, given that those rest on top of an easily trackable networking layer, important metadata is being leaked and can be analysed to fully track the global data flow. Inspired by Bitcoin’s incentive design, Nym’s breakthrough incentivised Proof-of-Stake system rewards nodes for mixing traffic rather than solving arbitrary Merkle puzzles.
Nym was founded by highly regarded privacy, mixnet and blockchain researchers, who have a history of innovation in the early internet and well-respected publications in privacy and mixnet academia including
The Company is also pleased to announce that KR1 has made an additional investment into Nexus Mutual (“NXM”) after the product launched, having initially taken part in the seed round announced in
KR1 received 110,776 NXM for its seed round participation at a price of
Nexus Mutual uses Ethereum to recreate the mutual insurance company model on a large scale. The platform will bring together people from all over the world to share risk together without the need for an insurance company. The first product is cover for smart contracts, adding an extra layer of assurance, an extremely important element in the blockchain stack and incentivising smart contract security auditors to stake their reputations against prominently used smart contracts. Nexus Mutual is run entirely by its members with all member decisions being recorded and enforced by smart contracts.
Since launch Nexus Mutual has written over
KR1 has also invested
Millions of dollars in social funding are wasted every year through diffuse and ineffective allocation, which has made people lose trust in the system resulting in a stagnant social funding environment. Some smaller but effective social projects often struggle to scale because they do not have enough visibility. By making the performance of each project publicly available, Alice is making it easier for funders (philanthropic organisations, impact investors, small donors) to identify and help scale social projects that actually work. Using smart contracts built on Ethereum, Alice provides social impact projects with the possibility to gain funding with a system that releases tranches of capital only once the project’s aims and targets have independently verified as complete while at the same time initiating new markets for social impact investing.
The Directors of the Company accept responsibility for the contents of this announcement.
For further information please contact:
KR1 PLC George McDonaugh+44 (0)16 2467 6716 Stephen Corranstephen@kr1.io Peterhouse Capital Limited(NEX Corporate Adviser) Fungai Ndoro+44 (0)20 7469 0934 Mark Anwyl Nominis Advisory Ltd(PR Adviser) Angus Campbellpr@kr1.io
KR1 is a leading digital asset investment company supporting early stage decentralised and open source blockchain projects. Founded in 2016 and publicly traded in