KR1 said it has sold its remaining holding of FUN tokens in the FunFair ("FUN") project, at an average price of US$0.02027 per FUN token, generating proceeds of US$1,281,608.60.
The digital asset investment company outlined that it had previously acquired the FUN tokens at an average price of USD $0.00667 during the project's initial funding round.
Commenting on the sale of FUN tokens, George McDonaugh, Managing Director and Co-Founder of KR1, said, "With the recent market activity and the rather mature stage of technical development of the FunFair project, it was the right time to look to other opportunities and capitalise on the speed of innovation in the wider blockchain ecosystem.”
He added, “FunFair has been a successful investment for KR1 as one of the earliest supporters of the team, and we continue to be impressed by their continued level of innovation and experience in the gaming world.”
Shares in KR1 have increased by 27% in value in the past month to last close at 23.5p. This announcement will please investors on several fronts, not only the impressive 3x sale price on its initial investment in FUN, but the rationale for disposal of the tokens once the project had reached maturity, illustrating the Company’s expertise across the Blockchain Ecosystem.
Reasons to Follow KR1
KR1 is Europe's leading digital asset investment firm supporting early stage blockchain and DeFi projects. It is a first investor in many key blockchain and DeFi projects that will power the decentralised platforms and protocols that form the emerging Web3 infrastructure.
Generating Material Revenue
KR1 unveiled back in August 2020 that it had started generating material revenue from staking activities on the Polkadot network, its largest investment and portfolio holding to date.
The company has been staking activities on Polkadot to generate revenue on an ongoing basis following its migration to a ‘Proof-of-Stake’ blockchain network back in June 2020.
To date, KR1 holds a total of Polkadot 3,558,490.89 DOT tokens, post-re-denomination. This differs from its original DOT allocation as a result of the bonus pool of unlisted digital tokens allocated pursuant to KR1’s 2017 bonus scheme, which included Polkadot as an asset.
George McDonaugh, Managing Director and KR1’s Co-founder, described the launch of Polkadot as “a momentous event” in the group’s history and one that shareholders have been waiting for since KR1 backed the project in an early funding round in 2017.
Commenting on the group’s largest investment activities, McDonaugh told investors: “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."
Positive Outlook for Blockchain and KR1
McDonaugh also said KR1 is seeing huge interest flowing into numerous new projects building on Polkadot, many of which it has already supported, or currently in active discussions.