KR1 invests in a new Ethereum-compatible smart contract platform

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KR1 PLC (AQSE:KR1) has invested in the Moonbeam network project, an Ethereum-compatible smart contract platform on the Polkadot network.

As part part in Moonbeam’s seed funding round, the digital asset investment company invested a total of US$100,000 in the project and will receive a yet-to-be-determined amount of Glimmer tokens that will power Moonbeam’s blockchain.

Moonbeam, which is currently in active development and is expected to reach mainnet by mid-2021, is “a new, powerful, scalable blockchain that makes it easy to build interoperable decentralised applications (dApps) that can integrate and run in parallel with other blockchains, including Ethereum and Bitcoin”, KR1 said.

Its compatibility with Ethereum allows developers to deploy existing smart contracts using that digital currency to Moonbeam with minimal changes, while its presence within Polkadot should present benefits from the shared security of Polkadot and integrations with other chains that are connected to Polkadot.

READ: KR1 begins making revenue from Polkadot staking yields

Derek Yoo, CEO of PureStake and founder of Moonbeam, said: “KR1 has a strong track record of investing in Web3 technology that moves the industry forward, from Ethereum and Polkadot’s early days to the DAOs and DeFi platforms emerging today.”

Keld van Schreven, managing director and co-founder of KR1, added: “We’ve seen incredible growth in smart contracts on Ethereum and now, with the launch of Moonbeam, we expect to see high growth rates and developer engagement.

“Moonbeam represents the best of all the learning of Ethereum smart contracts on a super quick secure blockchain built within Polkadot. The potential for powerful new types of new DeFi applications and services is really limitless. Derek is an experienced hand steering the ship and we have great faith in him and his team.”

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