KR1 plc - Investment: Subspace
PR Newswire
London, March 30
30 March 2022
KR1 PLC
("KR1" or the "Company")
Investment: Subspace
KR1 plc (KR1:AQSE), a leading digital asset investment company, is pleased to announce that the Company has invested a total of US$1,500,000 into Subspace Labs Inc. ("Subspace"), for a yet-to-be-determined amount of tokens. The investment took place as part of Subspace's US$32.9 million strategic financing round led by Pantera Capital with participation from other respected investors such as Coinbase Ventures, Alameda Research and Hypersphere Ventures.
Subspace Network is a new eco-friendly, scalable layer-one blockchain that enables massively scalable on-chain storage and computing, without compromising security or decentralisation, and solves the blockchain "bloat" problem at the core, through a novel combination of consensus, storage, and computing. Subspace lets developers run Web3 apps at Internet scale, providing a simple interface for quickly deploying multi-chain decentralised apps that auto-scale with demand. It seamlessly integrates with existing blockchains, layer two protocols, and decentralized applications, allowing it to serve as a foundational infrastructure layer for the entire Web3 ecosystem. Subspace intends to empower builders to unlock the next wave of crypto adoption by supporting NFTs, GameFi, and the Metaverse at Internet scale.
Keld van Schreven, Managing Director and Co-Founder of KR1, commented:
"Subspace is a big vision and quite a radical approach relative to current blockchain architectures and designs. They had a successful seed round with world class investors and this fundraise allows them to drastically scale up their team. Historically, we have liked to invest in and support radical technologies with strong founding teams, especially in the infrastructure vertical, and Subspace fits this disruptive thesis perfectly. "
The Directors of KR1 plc accept responsibility for this announcement.
--ENDS--
For further information please contact:
| KR1 PLC George McDonaugh Keld van Schreven | +44 (0)1624 630 630 |
| Peterhouse Capital Limited (AQSE Corporate Adviser) Mark Anwyl | +44 (0)20 7469 0930 |
| FTI Consulting LLP (PR Adviser) Ed Berry Laura Ewart | +44 (0)7711 387 085 KR1@fticonsulting.com |
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 London on the AQSE Growth Market (KR1:AQSE), KR1 has one of the longest and most successful track records of investment in the digital assets space by investing in decentralised platforms and protocols that are emerging to form new financial and internet infrastructures.
www.KR1.io
