George McDonaugh of KR1 explains their participation in the Moonbeam crowd loan & Polkadot parachain auction

George McDonaugh, Co-Founder & Director of KR1 #KR1 explains their participation in the Moonbeam crowd loan and Polkadot parachain auction.

Investment Update: Moonbeam Network

KR1 plc (KR1:AQSE), a leading digital asset investment company, is pleased to announce the Company's participation in the Moonbeam ("GLMR") crowdloan and Polkadot ("DOT") parachain auction. KR1 contributed a total of 350,000.00 DOT to the Moonbeam crowdloan campaign, which successfully secured the second parachain slot in the ongoing round of Polkadot parachain auctions.

Moonbeam is an Ethereum-compatible smart contract platform on the Polkadot network that makes it easy to build natively interoperable applications. The Ethereum compatibility allows developers to deploy existing Solidity smart contracts and dApp frontends to Moonbeam with minimal changes. As a parachain on the Polkadot network, Moonbeam will benefit from the shared security of the Polkadot relay chain and integrations with other chains that are connected to Polkadot. Moonbeam and its sister chain Moonriver on Kusama have already gained traction with notable project integrations including Lido's liquid staking solution, the decentralised exchange SushiSwap and blockchain explorer Etherscan.

The contributed DOT will be time-locked on the Polkadot blockchain for 96 weeks and will be returned to the Company following the completion of the respective Moonbeam parachain lease. Following the successful Moonbeam parachain auction bid, KR1 is going to receive a to-be-determined amount of Moonbeam ("GLMR") tokens over a time period of 96 weeks in return for supporting the Moonbeam crowdloan campaign.

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 DOT funds as well as foregoing any staking yields on the contributed DOT for the time period.

In addition, following Moonbeam's token redenomination, the Company will receive a total of 13,000,000.00 GLMR tokens in line with KR1's previous backing of Moonbeam's seed and strategic funding rounds.

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.