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KR1 expands portfolio of blockchain and crypto investments

Snapshot

  • Digital asset manager
  • Supports blockchain-based technologies
  • Traded on the NEX exchange
Blockchain

Quick facts: KR1 PLC

Price: 5.25 GBX

NEX:KR1
Market: NEX
Market Cap: 0
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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 NEX 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 October, the group unveiled three additions to its portfolio; Vega Protocol, a blockchain-based trading platform, Edgeware, a smart contract platform which is seeking to fund its initial growth by allowing investors to lock an investment in the Ethereum cryptocurrency in return for tokens, and Commonwealth Labs, a firm dedicated to bringing the Edgeware smart contract platform to market
  • In September, KR1 invested in three new entities; the Nym Protocol project, an open-source, decentralised network that allows developers to build applications that protect against the leakage of metadata, Nexus Mutual, a company attempting to create a mutual insurance platform using blockchain technology, and Alice Si, a social funding platform attempting to use blockchain technology to better scale and allocate funds to social projects
  • In June, the company netted US$360,605 from the sale of ATOM tokens in the Cosmos blockchain network. KR1 said it had sold 70,079 ATOM tokens for an average price of US$5.14 each, having acquired them for around US$0.10 each in a Cosmo initial coin offering in early 2017

 

 

 

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.

He added that the price of Bitcoin, often seen as a key barometer of the market, had risen to levels not seen for half a year or more and that should this could be a bullish shift from a 54-week long bear market the had previously driven an 84% correction in Bitcoin’s price down from highs at the end of 2017.

With the shares trading at around 5.5p as of 30 October 2019, KR1 carries a market cap of £7.2mln.

 

Interview – chief executive George McDonaugh

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Watch

KR1 Plc adds to portfolio with four new investments in blockchain space

George McDonaugh, chief executive of KR1 Plc (NEX:KR1), caught up with Proactive's Andrew Scott to add some detail around their latest investments. The NEX-listed blockchain investment group's invested £593,000 for 191,681.85 Dfinity Network Tokens, part of the Dfinity...

on 5/7/18

3 min read