PR Newswire
London, January 4
Kryptonite 1 Plc
("Kryptonite 1" or the "Company")
Investments
Kryptonite 1 is pleased to announce that the Company has taken part in the token presale of the Simple Token project ("OST"), a project administered by OpenST Ltd ("OpenST"). The Company has invested USD248,783 for 4,775,686 OST tokens. The tokens will be issued by OpenST over the course of the next year, in equal tranches, on a monthly basis. The public token sale was successful and raised just under USD22 million. The Company has invested alongside partners like Kenetic Capital and Tencent and has been involved in the project since June 2017. Kryptonite1 will continue to support the team with referrals from our network.
The OST token is designed to power digital communities, allowing them to easily launch digital currencies on open Ethereum sidechains and turn any business into a dynamic ecosystem. The OpenST protocol enables businesses to stake OST tokens against minting their own branded tokens. The OST Software-as-a-Service gives users the tools to manage, customise, and analyse their token economy. The team behind the project includes Jason Goldberg, a veteran internet entrepreneur with an 18 year history of scaling products to millions of users.
Kryptonite 1 is also pleased to announce that the Company has taken part in the token presale of the Props project ("PROPS"). The Company has invested USD100,000 for a total of 859,569 PROPS tokens. The public token sale for the Props project has just concluded via the Coinlist platform and raised a total of USD24 million. Kryptonite 1 invested early alongside partners like CoinFund, Union Square Ventures, and Winklevoss Capital.
The Props project is a decentralised ecosystem of video applications wherein the PROPS token functions as a cryptocurrency, powering social participation in applications hosted on the platform. The project has been brought to market by the team behind YouNow, a pioneer in the live streaming video space that also was the first company to popularise live mobile video. Over the last three years, YouNow has generated over USD50 million in virtual goods sales and shared the majority of its earnings with its content contributors. The PROPS Ecosystem will benefit from YouNow's millions-strong user base, their large creator community and a 40 person team with notable video and virtual economy expertise.
George McDonaugh, Chief Executive Officer of Kryptonite1 commented: "Given the recent surge of interest in the cryptocurrencies space, it's great to be able to support two projects that are helping to make the decentralised world more accessible to existing businesses and end-consumers. We were invited to support both projects due to our growing reputation and our presence at major global blockchain events. This is a great sign for the year ahead."
The Directors of the Company accept responsibility for the contents of this announcement.
-ENDS-
Contact Details:
Kryptonite 1 Plc
Stephen Corran
+44 (0)16 2467 6716
scorran@bridgewaters.co.im
NEX Exchange Corporate Adviser:
Peterhouse Corporate Finance Limited
Fungai Ndoro and Mark Anwyl
+44 (0)20 7469 0930
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.
