KR1 unveils $65,000 investment in Acala Network
The London-listed firm said it had invested in Acala through a seed round where it received around 866,666 Acala tokens at a price of $0.075 each.
The Acala Network builds decentralised finance infrastructure for the ‘polkadot ecosystem’, a project enabling blockchain networks to work together.
The core offering of the Acala Network will be a cryptocurrency known as ‘stablecoin’ which will be transferable across different blockchains and collateralised with many digital assets.
A secondary offering of the Acala Network will be a liquidity protocol for staked digital assets which will allow staked Polkadot tokens that are earning yield to become ‘liquid and tradable.’
Shares in KR1 were trading flat at 6.6p during Friday trading.
“With the unique characteristics of the Polkadot ecosystem, a Polkadot native stablecoin based on Substrate could prove hugely significant in forming the basis of new financial products and be a catalyst for Polkadot to thrive,” said George McDonaugh, Managing Director & Co-Founder of KR1.
The group said it intends to use a small part of its DOT allocation to support the Acala Network, which might require locking up some DOT tokens for a certain period of time to receive additional ACA tokens.
“The Acala team are highly technical and perfectly placed to bring this essential financial layer to market,” added McDonaugh.
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