KR1 plc - Investments PR Newswire

KR1 Plc
(“KR1” or the “Company”)

Investments

KR1 plc is pleased to announce further investments in pursuit of its strategy.

The Company has made a seed investment into Nexus Collective Ltd, which is leading the Nexus Mutual Project(“NXM”). The Company has invested GBP184,000 to acquire NXM tokens the exact number of which will be confirmed upon completion of the NXM public token sale. The NXM tokens will be issued to the Company at a 17.5% discount to the lowest price offered as part of the NXM public token sale.

NexusMutual uses blockchain technology to recreate insurance mutual company models 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 available will be 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.

Hugh Karp, Chief Executive Officer of NexusMutual commented: “We’re really excited to be supported by KR1 as we build out our vision of a decentralised insurance mutual company. Insurance mutuals companies are naturally focussed on the community and KR1 have been a key member of the Ethereum community from the beginning, so we couldn’t think of a better partner to have.”

The Company is also pleased to announce that it has participated in the seed funding round for Argent Labs Limited(“Argent”). The Company has invested GBP 150,000 into Argent.

Argent is creating a decentralised banking protocol on the Ethereum blockchain, which will give users a platform to manage their funds and interact within this new token economy. Intuitive and easy to use cryptocurrency infrastructure has not thus far been widely available, so the Directors believe that a new protocol for cryptocurrency storage and transfer, that can cater for the numbers of new entrants to the ecosystem, will prove to be a very valuable addition to space. KR1 has worked very closely with the team of Argent since its inception and will continue to support the project as it develops.

KR1 has also taken part in the private pre-sale for the Herdius Project (“HER”). The Company has invested EUR 201,000 for a yet-to-be-determined amount of discounted Herdius tokens.

Herdius is a wide-ranging initiative to create a new decentralised economy with three aims: to create blockchain architecture with high scalability and low confirmation times; to solve cross-chain interoperability; and to create a new way of handling private keys in a more secure and convenient manner. It will allow for incentives to be aligned within the network created, allow holders a reduction in network fees and the tokens will also serve to secure the network in their novel ‘proof of stake’ chain design. The Directors look for look forward to helping this experienced team, bring their vison to life.

George McDonaugh, Chief Executive Officer of KR1 commented: “For the Blockchain ecosystem as a whole, it’s been a subdued few months in terms of asset values, but in terms of projects, it’s never looked so encouraging. Across the space, once novel technology has bedded in and is being built upon and we’re seeing new ways of approaching privacy, scalability and token mechanics. KR1’s network has grown along with our reputation, ensuring we continue to get into exciting projects early, with great allocations. I am confident these developments will spur on the next wave of interest, ensuring the technology continues to gain further adoption globally.”

The directors of the issuer accept responsibility for the contents of this announcement.

-ENDS-

Contact Details:

KR1 Plc
Stephen Corran
+44 (0)16 2467 6716
scorran@bridgewaters.co.im

NEX Corporate Adviser
Peterhouse Corporate Finance Limited
Fungai Ndoro and Mark Anwyl
+44 (0)20 7469 0930