KR1 PLC targets the cutting edge of blockchain technology

() said it has participated in a crowdloan for Karura, a scalable Ethereum virtual machine (EVM) blockchain network and will also be taking part in a parachain auction for Kusama, a Polkadot-based blockchain network.

The digital asset investor said it contributed 10,000 Kusama tokens, equivalent to around US$4.17mln, to the Karura crowdloan, which it said will be time-locked on the Kusama blockchain for 48 weeks and will be returned to the company following the completion of the respective Karura parachain lease.

Upon a successful Karura parachain auction bid, KR1 said it will receive a to-be-determined amount of Karura (KAR) tokens in return for supporting the Karura crowdloan campaign.

In addition, the company will also receive a yet-to-be-determined amount of KAR tokens in line with KR1’s previous backing of a seed funding round and strategic funding round for decentralised finance (DeFi) hub platform Acala.