KR1 PLC (KR1) said it will have a share of “the pick of the best seed stage opportunities in the Ethereum space” after becoming a member of the MetaCartel Ventures (MCV) decentralised autonomous organisation (DAO).
The digital asset investment company gained membership by contributing just under US$199,120 into the entity and receiving 4,938 MCV shares in return, representing an interest of 7.85% in the MCV DAO.
MCV was created by Ethereum’s ‘MetaCartel’ community for the purposes of making investments into early stage decentralized applications, it is formed as a hybrid organisation made up of blockchain smart contract code and a traditional corporate structure.
“This project is a new way for individuals and entities to coordinate funding, labour, time and social capital through an on-chain managed organisation,” said KR1.
With a community of established blockchain entrepreneurs and founders, KR1’s directors said “MCV will have its pick of the best seed stage opportunities in the Ethereum space, including DeFi (decentralised finance) projects, other friendly DAO projects and many more”.
MCV has already made several small investments, including Reflexer Labs, which is building a low volatility collateral for the DeFi ecosystem called RAI; and Zapper Finance, a popular DeFi dashboard.
Peter Pan of MetaCartel Ventures DAO said: “In crypto we are all on the same team to make change happen and KR1 is a great example of a team that is on your side. KR1 truly cares about the grassroots ethos of Web 3 and is willing to back their beliefs.”
Keld van Schreven, KR1’s managing director, added: “MetaCartel and all the individuals involved are a highly credible and hugely influential community including the best and brightest people, which will serve it well as it grows. MCV may very well serve as a future model on how to manage and govern capital in the future.
“For us the MetaCartel Ventures DAO offers a unique investment opportunity, which brings with it a strong deal flow pipeline where we can contribute our expertise and experience as well as add to it with early-stage projects we are seeing.”