KR1, a publicly listed company (AQSE:KR1) involved in cryptocurrency investments that in 2017 had invested in the Polkadot project and the DOT token, today announced that they made a 15x return on $1 million, selling part of the tokens.
In fact today, October 14th, 2020, KR1 sold 202,297.55 DOT tokens of the Polkadot project at an average price of $5.12, receiving $1,035,043.46.
KR1 is betting on Polkadot
This sale represents a small part of the investment in DOT tokens, as KR1 has decided to stake the rest of the tokens for recurring returns.
To date, KR1 owns 3,558,490,89 DOT.
George McDonaugh, Managing Director and Co-founder of KR1, commented on the news:
“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. 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 recognized 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. We’re very excited for Polkadot and what it brings to the general blockchain space. Improved scalability, native interoperability and shared security are going to become important building blocks for many upcoming projects and should push the space forward for years to come.”
What is Polkadot
Polkadot is a protocol founded by Gavin Wood as a heterogeneous and scalable multi-chain proposal in order to achieve perfect interoperability between the various blockchains.
Polkadot is based on a form of PoS (Proof of Stake) consensus that has the task of validating transactions and making the network secure by joining different chains called “Parachains” that can be built through what is called substrates.
At the beginning of September, the DOT tokens had also reached Ledger’s hardware wallet, while at the beginning of October Bitfinex announced derivatives on Polkadot.
