KR1 nets US$1mln from sale of Polkadot tokens

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KR1 PLC (LON:KR1) said it has sold 202,297 tokens in the Polkadot project at an average price of US$5.12 each, netting the company proceeds of around US$1.03mln.

The digital asset investment firm said the partial exit represents only a small part of its position in Polkadot and that it is actively staking a “significant majority” of the holding to generate recurring revenue. The company said it now holds around 3.56mln Polkadot tokens.

READ: KR1 invests in a new Ethereum-compatible smart contract platform

“Witnessing the successful launch of Polkadot is a momentous event in KR1’s history, which we and many shareholders have been eagerly awaiting since 2017, when we backed the project in its earliest funding round. We are pleased to have locked in some profit at good prices and we’re delighted that Polkadot is further expanding the Company’s staking activities as a yield-bearing asset”, KR1 managing director and co-founder George McDonaugh said in a statement.

“As mentioned in our last announcement about the revenue from Polkadot staking yields, there is a buzzing ecosystem of projects building on Polkadot’s technology and the market has clearly recognised this potential, putting Polkadot firmly in the top ten of cryptocurrencies in terms of network valuation. Subsequently, we are seeing huge interest flowing into numerous new projects building on Polkadot, many of which we have already supported at an early stage or are in active discussions with”, he added.

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