KR1 PLC (AQSE:KR1) said it has participated in the Kintsugi crowdloan and Kusama (KSM) parachain auction, contributing a total of 5,000 KSM to the campaign.

Kintsugi is interBTC’s canary network on Kusama that allows users to create kBTC, a one-to-one Bitcoin-backed asset, maintained by a decentralised network through collateralised Bitcoin vaults.

Upon a successful Kintsugi parachain auction bid, KR1 will receive a to-be-determined amount of Kintsugi (“KINT”) tokens in return for supporting the Kintsugi crowdloan campaign.

“This method of token distribution involves no direct investment of capital, instead, it is an indirect investment with the opportunity costs being the inaccessibility of the locked KSM funds as well as foregoing any staking yields on the contributed KSM for the time period,” said KR1.

George McDonaugh, Managing Director and Co-Founder of KR1, added: “Kintsugi marks the start of a fully trustless bridge for Bitcoin into the interconnected world of Kusama.

“This allows holders of Bitcoin, the most widely distributed crypto asset, to expand into a new world of applications and use cases and we are proud to support Kintsugi’s vision.”

KR1 is a digital asset investment company supporting early-stage decentralised and open-source blockchain and DeFi projects.

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