KR1 plc - Portfolio Update: Stake DAO
PR Newswire
London, March 1
1 March 2021
KR1 PLC
("KR1" or the "Company")
Portfolio Update: Stake DAO (formerly Flying Carpet)
KR1 plc (AQSE:KR1), a leading digital asset investment company, is pleased to announce that the Company has sold 19,634.15 SDT tokens in the Stake DAO ("SDT") project at an average price of US$13.02 per SDT token, generating proceeds of US$255,541.98.
Stake DAO is an on-chain decentralised finance ('DeFi') aggregator and interface, which allows users to deposit funds into various innovative DeFi strategies created or curated by the Stake DAO community.
The Company recently received the Stake DAO tokens as early contributors following KR1's initial investment into the 'Flying Carpet' project, announced on 3 July 2018, whose founding team experimented with different blockchain business models and shifted their attention to innovating in the decentralised finance and staking ecosystem over the past years, bringing Stake DAO to life.
KR1 continues to hold a remaining position of 700,365.83 SDT in the Stake DAO project, which is vesting linearly over the next 23 months. This gradual vesting impacts the liquidity of the Stake DAO SDT and therefore the market value of the Company's holding. The same is true of other illiquid assets in the Company's portfolio, particularly the holding of Lido's LDO token announced on 16 December 2020.
George McDonaugh, Managing Director and Co-Founder of KR1, commented:
"The crypto ecosystem moves very fast and being able to pivot as the environment changes is a key skill we look for when providing funding for early-stage teams. Over the past years, the Stake DAO team demonstrated deep expertise on all things Ethereum, which enabled them to pursue this path and launch an attractive product in a very competitive area of the DeFi ecosystem."
The Directors of KR1 plc accept responsibility for this announcement.
--ENDS--
For further information please contact:
| KR1 PLC George McDonaugh Keld van Schreven Simon Nicol | +44 (0)16 2467 6716 simon@KR1.io |
| Peterhouse Capital Limited Mark Anwyl Allie Feuerlein | (AQSE Corporate Adviser) +44 (0)20 7469 0930 |
| Nominis Advisory Ltd Angus Campbell | (PR Adviser) pr@KR1.io |
About KR1 plc
KR1 is a leading digital asset investment company supporting early-stage decentralised and open source blockchain and DeFi projects. Founded in 2016 and publicly traded in London on the Apex segment of the AQSE Growth Market (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
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).
