KR1 plc - Investment: Union Finance PR Newswire

1 May 2020

KR1 plc
("KR1" or the "Company")

Investment: Union Finance

KR1 is pleased to announce that the Company has invested a total of US$75,000 in the Union Finance project. The Company will receive a yet-to-be-determined amount of discounted tokens from this seed round participation.

Union Finance (“Union”) is a credit mutual built on Ethereum, which allows people and organisations to take out loans on the blockchain without the need for collateral, a credit score, or revealing personal information on a public ledger.

Jacob Shiach, Founder of Union Finance commented: “KR1 saw the opportunity in Union even before I did, and their early support was critical in getting this company rolling; I'm excited to build the future of credit with them."

Ethereum’s decentralised finance ‘DeFi’ ecosystem is presently relying on heavy over-collateralisation, which makes some projects capital inefficient for most personal or business credit use cases and limits the appeal for mainstream adoption. Unions’ unsecured lending protocol opens up this emerging financial system to a much larger set of use cases, for example micro-loans,  credit lines within the Internet of Things and social lending.

KR1 was joined in the Union seed round by 1kx, CoinFund and a number of prominent Ethereum DeFi angel investors.

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

“With around US$1 billion locked up in the DeFi ecosystem, it has grown considerably in the past 12 months, and we expect it to grow further. Union is exactly the type of DeFi project KR1 likes to back. It is a new, innovative platform to open up uncollateralised lending to everyone and represents a paradigm shift for DeFi. Jacob is re-imagining uncollateralised lending and Union leverages the power of Ethereum to unlock an entirely new area of the decentralised finance ecosystem.”

For further information please contact:

KR1 PLC
George McDonaugh           +44 (0)16 2467 6716
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 that are emerging to form new internet infrastructures.

www.KR1.io