The digital asset investment firm said it has invested a total of US$100,000 in iTrust in a seed funding round in return for a yet-to-be-determined amount of iTrust (ITG) tokens.
iTrust is a yield optimisation platform for supplying smart contract cover to the decentralised finance ecosystem. The platform uses an algorithmic capital allocation engine and advanced protocol risk modelling to allow anyone to generate low-risk yields from smart contract cover provision. KR1 added that iTrust is also the first official cover supply partner of two of its other investments, Nexus Mutual and Tidal Finance.
Meanwhile, the company said it has also invested US$50,000 in the Clover project in return for 625,000 Clover (CLV) tokens.
Clover is a smart contract platform that allows Ethereum developers to easily migrate their decentralised applications onto the Polkadot network by minimizing the changes required to run existing Solidity smart contracts on the new network.
The platform also allows users to cover network fees with any token, removing the dependence on base currencies such as Ethereum. It has also created a cross-chain explorer covering Ethereum, Polkadot and the Binance Smart Chain as well as an incentivisation layer which allows dApp builders to automatically gain a percentage share of the transaction fees running through the network.
“We are very pleased to support these two projects and we look forward to helping them bring their platforms to the ever-expanding decentralised finance ecosystem. Building a product on top of Nexus Mutual among others, enables iTrust to make the most of the composability effects of DeFi and in turn pushes the growth of the entire decentralised insurance vertical. With Clover, many new key innovations will be brought to market, not only ensuring a strong link between Ethereum and Polkadot but also bringing much needed choice and flexibility to developers and users alike”, KR1 managing director and co-founder George McDonaugh said in a statement.
KR1 also announced that it has launched a new website under its www.KR1.io domain which it said will help individuals and institutions better understand the company with a fully featured ‘Investors’ section and other new additions to the page.
In a separate announcement, the company also unveiled that it had invested US$400,000 into Divergence, a decentralised platform for volatility hedging and advanced financial products centred around blockchain-native asset prices, in return for around 20.7mln DIVER tokens after leading a seed and private private funding round.
“One of crypto’s big problems is extreme volatility and Divergence offers an innovative solution for liquidity providers, market makers and enthused community members, to allow them to profit from volatility with higher capital efficiency. With an impressive team, solid incentivisation mechanisms and a great mission, Divergence is a key part of the new era of the DeFi movement”, said KR1 co-foudner and MD Keld van Schreven.
Shares in KR1 were trading at around 136p on the Aquis Exchange in late afternoon on Thursday.
–Adds detail of Divergence investment and updates share price–