What KR1 does

KR1 PLC (LON:KR1) is a digital asset manager the supports early stage companies developing blockchain-based technologies and services.

Founded in 2016, the company has invested in a number of projects that it believes will power the development of the decentralised blockchain infrastructure.

The company is currently listed on the Aquis exchange in London.

 

How it’s doing

The company reported a £4.6mln unrealised profit from the increase in the value of its portfolio of cryptocurrency assets in the first half of the current year despite a volatile period for the market.

The profit was largely driven by the successful launch of the Cosmos network in March, allowing the company to sell and ‘stake’ its Cosmos ATOM tokens.

Staking, a process where holders commit their tokens to help validate blockchain transactions in return for a fee, was recognised in the revenue of £116,788 over the period since Cosmos’ launch.

A realised profit of £0.58mln was made in the first six months of the year.

Total assets of £10.7mln included cash at bank of £0.57mln, cash equivalents valued at £1.1mln and a further £0.51mln cash held on trading platforms.

 

Inflexion Points

  • In May, KR1 invested US$75,000 into Union Finance, a credit mutual built on Ethereum
  • The firm in late March revealed a new investment in the Acala Network, a firm specialising in decentralised finance infrastructure for the Polkadot ecosystem, a project that enables blockchain networks to work together
  • In March, the company said it had generated around US$168,197 from the sale of ATOM tokens generated through using staking activities

 

Blue Sky

Looking ahead, chief executive George McDonaugh said the company had managed to place itself at the heart of the “next shift” in the lifecycle of blockchain technology.

 

Interview – chief executive George McDonaugh