KR1 plc Investment: Basilisk
September 22 2021 - 8:03AM
UK Regulatory
TIDMKR1
22 September 2021
KR1 plc
("KR1" or the "Company")
Investment: Basilisk
KR1 plc (KR1:AQSE), a leading digital asset investment company, is pleased to
announce the Company's participation in the Basilisk crowdloan and Kusama
("KSM") parachain auction. KR1 contributed a total of 11,111.1 KSM to the
Basilisk crowdloan campaign.
Basilisk is a liquidity bootstrapping protocol built for Kusama, enabling
frictionless liquidity for the long tail of crypto assets through a modular
design. Basilisk's first release offers an implementation of a liquidity
bootstrapping pool as well as pools with order matching transactions. Future
releases will bring more advanced price discovery mechanisms to Basilisk, such
as auctions and bonding curves.
The contributed KSM will be time-locked on the Kusama blockchain for 48 weeks
and will be returned to the Company following the completion of the respective
Basilisk parachain lease. Following the successful Basilisk parachain auction
bid, KR1 is going to receive a to-be-determined amount of Basilisk ("BSX")
tokens in return for supporting the Basilisk crowdloan campaign. In addition,
the Company will also receive a yet-to-be-determined amount of BSX tokens in
line with KR1's previous backing of HydraDX's seed funding round, which will be
confirmed in a future announcement.
This method of token distribution involves no direct investment of capital.
Instead, it is an indirect investment with the opportunity costs being the
inaccessibility of the locked KSM funds as well as foregoing any staking yields
on the contributed KSM for the time period.
Keld van Schreven, Managing Director and Co-Founder of KR1, commented:
"Basilisk is an exciting community focused project run by an exceptional team
of crypto thinkers. As a permanent deployment on Kusama, Basilisk has strong
synergies with Polkadot-facing HydraDX, which, together, will cater to the
varying liquidity needs of crypto assets throughout their life cycles. Projects
can bootstrap liquidity in the early stages using a Basilisk pool, then later
move to the HydraDX omnipool to unlock unprecedented cross-chain liquidity in
an 'ocean of assets'."
The Directors of KR1 plc accept responsibility for this announcement.
--ENDS--
For further information please contact:
KR1 PLC
George McDonaugh +44 (0)16 2467 6716
Keld van Schreven
Simon Nicol simon@KR1.io
Peterhouse Capital Limited (AQSE Corporate Adviser)
Mark Anwyl +44 (0)20 7469 0930
Nominis Advisory Ltd (PR Adviser)
Angus Campbell 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).
END
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