Thursday February 25, 2021
Bitcoin (BTC) $50,509.00   Ether (ETH) $1,616.82
  • Events
  • News
    • Blockchain Technology
    • Capital Raising
    • Crypto Exchanges
    • Crypto Payments
    • Gaming & Betting
    • Networks & Protocols
    • Security
    • Vendor Technology
    • Wallets
NEWSLETTER SIGNUP
EXCHANGE 300+ COINS
CryptoNinjas
  • Crypto & Blockchain Links
  • Real-Time Market Data
  • Bitcoin ATM Map
  • Token Offerings/Listings
No Result
View All Result
CryptoNinjas
No Result
View All Result
Home Investment Management

Crypto asset firm KR1 invests in Vega, Edgeware and Commonwealth Labs

Published by CryptoNinjas.net
10/30/2019
KR1 CryptoNinjas

KR1, a crypto and blockchain asset investment company supporting early-stage projects, announced today that it has invested in three new projects. See more details on the projects below.

Vega Protocol

First, the KR1 team has invested a total of USD $100,000 into the Vega Protocol (Vega) seed round. Vega allows anyone to create new products and markets, trade, and build decentralized applications.

In addition, KR1 has entered into an advisory agreement to provide expertise on varied aspects of bringing the Vega platform to market. Across both the investment and advisory agreement, KR1 will receive a total of 1.017% of Vega tokens issued.

The Vega Protocol is a fully decentralized and censorship-resistant blockchain-based trading platform that will improve access, reduce costs, and increase innovation in derivatives and other financial products.

Markets on Vega can be anything from futures on the price of oil or bitcoin, to sports betting, Contracts for Difference (CFDs) on the S&P 500, options, swaps, and more.

The platform is designed to be trust-minimizing, performant, and scalable, including strong on-chain governance around market creation and abuse prevention.

KR1 took part in an over-subscribed successful seed round alongside a handpicked group of notable investors, including US-based Pantera Capital and Seoul-based Hashed Capital.

“From Vega’s inception, the KR1 team have been unwavering supporters of the project and were key in introducing us to the blockchain investment ecosystem. They are great partners and advisors and we look forward to working with them further as we bring Vega to market.”
– Barney Mannerings, Founder of Vega

Edgeware

Secondly, KR1 participated in the Edgeware (Edgeware or EDG) token distribution, termed ‘lock-drop’. KR1 time-locked 1,000 Ether (ETH), equivalent to USD $266,220 at the time of the transaction, via a smart contract for a duration of 12 months.

In return for locking up the ETH for 12 months, KR1 will receive 3,814,886.6 EDG tokens. KR1 will regain access to the currently time-locked 1,000 ETH at the end of the lock-drop period in June 2020.

Edgeware is a high-performance smart-contract platform implemented on the Polkadot network as a parachain. Edgeware aims to allow participants to vote, delegate and fund each other to upgrade the network. Thriving communities are key to building strong governance, so through the Edgeware lock-drop system, the development team created an innovative way of distributing their EDG token.

The lock-drop is a way of distributing tokens that requires no direct investment. Instead, in return for locking up ETH tokens in a smart contract, participants will receive EDG tokens in relation to two metrics: firstly, the amount of ETH placed in the contract: and, secondly, the length of time the participant chooses to lock up their tokens.

The Edgeware lock-drop has been very successful, securing a total value of over USD $200 million in time-locked ETH. A further US$800 million worth of ETH was ‘signaled’ to the Edgeware project.

Signaling was another way to participate in the distribution by merely signaling your public Ethereum address holding ETH to Edgeware and receiving a lower amount of EDG tokens relative to directly time-locking the ETH. The successful participation by such a large community bodes well for the future of the Edgeware project, and also shows major interest in the Polkadot ecosystem network, as Edgeware will be the first smart-contract project to launch on top of Polkadot.

Commonwealth Labs

Lastly, KR1 invested USD $50,000 into Commonwealth Labs (Commonwealth) via a Simple Agreement for Future Equity (SAFE). With a SAFE valuation cap at USD $8 million, KR1 will receive a minimum of 0.625% of the equity in the San Francisco based company.

Commonwealth’s main focus is bringing the above discussed Edgeware smart-contract platform to market as the main for-profit development entity. In addition to this, Commonwealth plans to on-board multiple other crypto networks to their state-of-the-art governance interface.

The governance interface allows protocols to update new features efficiently while also keeping project teams accountable and driving correct resource allocation. As decentralized protocols and networks gain users and attract ever-larger sums of finance, governance becomes a key component to ensure these systems remain robust and develop new capabilities.

“These most recent investments are exciting additions to our portfolio. We expect to see material returns from them as we continue building on our past successes and increasing shareholder value. Vega fits perfectly into our current investment focus, a London-based team who has wide and distinguished careers in their respective fields. The project itself seeks to decentralize margin and derivatives trading, which is one of the largest areas of both, the blockchain industry as well as traditional financial markets in terms of users and volumes. We look forward to helping them on their journey to innovating this important segment of the market. As strong supporters of the emerging Polkadot ecosystem, we’re excited to back the highly skilled teams behind Edgeware and Commonwealth Labs, who are working entirely on bringing smart contract capabilities to Polkadot, along with a strong governance system. Their lock-drop token issuance system for the Edgeware platform has been resoundingly successful. With the community looking very strong, this is a positive indication for the future of Edgeware and Polkadot combined.”
– George McDonaugh, Managing Director KR1

7
SHARES
FacebookTwitterLinkedinRedditE-MailTelegram

Related News

Crypto investment company KR1 profits $1.2M from FunFair token
Investment Management

Crypto investment company KR1 profits $1.2M from FunFair token

01/07/2021
KR1 realizes $800K in 4 months from Polkadot (DOT) staking revenues
Investment Management

KR1 realizes $800K in 4 months from Polkadot (DOT) staking revenues

12/17/2020
Blockchain fund KR1 invests in Ethereum 2.0 staking solution Lido
Investment Management

Blockchain fund KR1 invests in Ethereum 2.0 staking solution Lido

12/16/2020
Crypto investment company KR1 invests in Moonbeam Network
Capital Raising

Crypto investment company KR1 invests in Moonbeam Network

10/01/2020
Crypto fund KR1 makes $353K from partial sale of Rocket Pool investment
Investment Management

Crypto investment company KR1 backs MetaCartel Ventures with $200K

08/27/2020
Load More
Leave Comment

Where to Exchange

Bit2MeLeading Spanish Bitcoin ExchangeVisit
BL3P
European Bitcoin ExchangeVisit
ChangellyExchange & Buy 150+ CryptocurrenciesVisit
itBitAmerica's First Regulated Bitcoin ExchangeVisit
  • Trending
  • Latest
Bitcoin ATM company Lamassu unveils brand new operator admin system

Bitcoin ATM company Lamassu unveils brand new operator admin system

02/23/2021
DeFi fund manager yAxis launches v2 to make earning interest on crypto more accessible

DeFi fund manager yAxis launches v2 to make earning interest on crypto more accessible

02/22/2021
Bitcoin Suisse increases depositor bank guarantee to CHF 110M

Bitcoin Suisse increases depositor bank guarantee to CHF 110M

02/23/2021
Amber Group boosts its crypto trading infrastructure security with AnChain.AI

Amber Group boosts its crypto trading infrastructure security with AnChain.AI

02/23/2021
Crypto exchange technology platform HollaEx gets upgraded suite

Crypto exchange technology platform HollaEx gets upgraded suite

02/18/2021
ZelaaPayAE deploys Pundi X's merchant crypto payment solutions for UAE

ZelaaPayAE deploys Pundi X’s merchant crypto payment solutions for UAE

02/24/2021
Tatum helps donation-based betting app Fandona complete its blockchain MVP

Tatum helps donation-based betting app Fandona complete its blockchain MVP

02/24/2021
Modulus launches blockchain-as-a-service platform for product authenticity & tracking

Modulus launches blockchain-as-a-service platform for product authenticity & tracking

02/24/2021
BitMEX adding six new perpetual contacts: ADA, DOT, EOS, YFI, UNI, and XLM

BitMEX adding six new perpetual contacts: ADA, DOT, EOS, YFI, UNI, and XLM

02/24/2021
Alameda Research leads $40M round in decentralized prime brokerage protocol Oxygen

Alameda Research leads $40M round in decentralized prime brokerage protocol Oxygen

02/24/2021
  • Home
  • Directory
  • Data
  • About
  • Contact
SUBSCRIBE

© 2016 - 2021 CryptoNinjas Disclosures | Privacy Policy

  • Home
  • Crypto Links
  • Market Data
  • Blockchain Tech
  • Exchanges
  • Capital Raising
  • Vendor Technology
  • Token Offerings/Listings
  • Payments
  • Wallets
  • Bitcoin ATM Map
  • Conferences & Events
  • About
  • Contact

© 2016 - 2021 CryptoNinjas Disclosures | Privacy Policy


Go to mobile version