KR1 plc - Investment Update: Argent Labs PR Newswire

26 May 2020

KR1 plc

("KR1" or the "Company")

Investment Update: Argent Labs

KR1 plc (KR1:AQSE) is pleased to announce that Argent Labs (“Argent”), a simple and secure mobile crypto wallet and a portfolio company of KR1, has completed a successful USD $12 million ‘Series A’ fundraising round at a post-money valuation of USD $45 million, issuing ‘Series A Shares’ with liquidity preferences to new investors. The funding round was led by Paradigm and joined by existing investors such as Index Ventures and Creandum.

Following the completion of the funding round, KR1 holds ‘Ordinary Shares’ representing a fully diluted ownership of 0.578% in Argent from the Company’s participation in Argent’s seed round. The post-money valuation of KR1’s stake in Argent is USD $260,049.

Argent is a simple and secure mobile crypto wallet that solves many of the issues of current crypto wallets, as it allows crypto to be sent as easily as a message to anyone, anywhere and also allows users to easily put their assets to work by staking or lending them out to earn a yield. Argent’s ‘DeFi in a tap’ experience is the simplest and safest way to access all ‘Decentralised Finance’ (DeFi) products and services on Ethereum. There are already an impressive number of DeFi integrations in the award-winning app, which has seen fast user growth with over 17,000 wallet downloads to date.

Itamar Lesuisse, Co-Founder of Argent, commented:

“This is a big step in our mission to help people control and benefit from their digital assets and identity. Crypto is unfamiliar to many, so we’ve cut out all the complexity and built a mobile wallet as simple as Monzo or Revolut, if not easier. Argent lets anyone, anywhere access new economic opportunities, exchange value as easily as an email, and enjoy digital services without sacrificing their data. It’s the next evolution of money and the internet and we couldn’t be more excited for the journey ahead.”

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

“Itamar and the founding team are proven entrepreneurs, who have previously scaled applications to tens of millions of users, so they know how to build for scale. Argent is building the best wallet in crypto to onboard the next billions of dollars and bring financial empowerment to millions of users through crypto. We are tremendously excited about what Argent has launched so far and for the road ahead.”

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 emerging to form new internet infrastructures.

www.KR1.io

Market Abuse Regulation (MAR) Disclosure

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.