RE: RNS - VEGA19 Mar 2021 12:46
KR1 plc Investment Update: Vega Protocol
19/03/2021 12:41pm
UK Regulatory (RNS & others)
TIDMKR1
19 March 2021
KR1 PLC
("KR1" or the "Company")
Investment Update: Vega Protocol
KR1 plc (KR1:AQSE), a leading digital asset investment company, is pleased to
announce that Vega Protocol ("VEGA"), a portfolio project of KR1, has completed
a successful US$5 million funding round led by Arrington Capital and Cumberland
DRW. The funding round included participation from previous backers, as well as
new backers like Coinbase Ventures and ParaFi Capital.
KR1 is also pleased to announce the Company's participation in the recent
funding round, investing a further US$150,000 in exchange for 194,999.17 VEGA
tokens at a price of US$0.77 per token. This investment comes in addition to
KR1's seed round participation, announced in October 2019. Across both funding
rounds, the Company now holds a total of 842,493.91 VEGA tokens.
Vega is a decentralised derivatives protocol that allows anyone to launch
markets and eliminates centralised gatekeepers to provide high throughput,
low-fee trading in a capital efficient way. In doing so, the protocol bridges
the immense industry of derivatives in traditional finance with the still
nascent and rapidly evolving world of decentralised finance. Vega is currently
advancing towards its mainnet release, with future plans including
self-custodied cross-chain collateral, a trustless bridge into the Ethereum
ecosystem, as well as bridges into other major blockchains such as Bitcoin,
Polkadot and Cosmos.
George McDonaugh, Managing Director and Co-Founder of KR1, commented:
"Vega is one of the most anticipated projects in our portfolio and we are very
happy to be able to support the team again in this latest round, especially
considering the incredible progress they have made. A core excitement of the
blossoming decentralised finance ecosystem has always been about the potential
to open up financial infrastructure for everyone in a fair way and Vega will
prove to be a major step change towards this becoming a mainstream reality."
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
Allie Feuerlein
Nominis Advisory Ltd (PR Adviser)
Angus Campbell
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