KR1 Plc - Investment Update: Celestia
Announcement provided byKR1 Plc · KR1
31 October 2023
(“KR1” or the “Company”)
Investment Update: Celestia
KR1 plc (KR1:AQSE), a leading digital asset investment company, is pleased to provide an update on the Company’s investment into Celestia (formerly “LazyLedger”) following the recent launch of its mainnet.
Celestia (“TIA”) is a modular data availability network that securely scales with the number of users, making it easy for anyone to launch their own blockchain.
The Company holds a total of 7,500,000 TIA, which are the native digital asset of the Celestia network, and result entirely from KR1’s investment into Celestia’s seed funding round three years ago.
The Company’s entire TIA allocation is held in institutional custody and is subject to a lockup schedule, which unlocks in two tranches: a third of the Company’s allocation will unlock twelve months after Celestia’s mainnet launch; followed by the remaining two thirds unlocking on a linear basis over the period between twelve to twenty-four months after Celestia’s mainnet launch.
After becoming one of KR1’s top portfolio holdings as of today, the Company is also pleased to announce that it plans to initiate staking activities on the Celestia network, which is going to contribute to Celestia’s network security and generate additional income from digital assets for the Company.
Mustafa Al-Bassam, Co-Founder of Celestia, commented: “The mainnet launch of Celestia is a major event for the entire team and I’m excited that we have the continued support from KR1. As one of the oldest funds in the crypto space, KR1 brings invaluable experience, and we are happy that they have been supporting us since our initial seed funding round.”
Keld van Schreven, Managing Director and Co-Founder of KR1, commented: ”Witnessing the successful launch of Celestia once again demonstrates our ability to support great entrepreneurs and founding teams. We are immensely proud to have been among the earliest supporters of Celestia, when Mustafa and the team got started during the depths of the previous crypto ‘winter’. Launching their mainnet is a great achievement by the entire Celestia team. We are also excited for an entirely new ecosystem of projects being developed on top of Celestia’s modular architecture.”
The Directors of KR1 plc accept responsibility for this announcement.
For further information please contact:
+44 (0)1624 630 630
Peterhouse Capital Limited (Aquis Corporate Adviser)
+44 (0)20 7469 0930
FTI Consulting (PR Adviser)
+44 (0)7711387 085
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
Market Abuse Regulation (MAR) Disclosure
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation EU 596/2014 as it forms part of retained EU law (as defined in the European Union (Withdrawal) Act 2018).
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