KR1 PLC (AQSE:KR1) told investors it has participated in the Acala crowdloan and Polkadot parachain auction.

The company, in a statement, said it contributed 350,000 DOT coins to the campaign which successfully secured the first parachain slot in the ongoing round of Polkadot parachain auctions.

It noted that Acala is a decentralised finance network and liquidity hub, on the Polkadot crypto platform. The DOT contributed by KR1’s will be time-locked on the Polkadot blockchain for 96 weeks, over which time the company will also accrue an amount of Acala tokens (ACA).

“Polkadot has reached a major milestone in its development with the first parachains launching in a matter of weeks,” said managing director George McDonaugh.

“Acala has always been at the forefront of building crucial DeFi infrastructure for Polkadot and we have been hugely excited about the project since we first backed the team in their seed funding round almost two years ago.

“Over time, we believe an interconnected multi-billion dollar decentralised finance ecosystem will emerge built on top of the rails of Acala, Polkadot and many other complementary projects.”

KR1 will additionally receive 10.2mln ACA tokens as reward for its prior backing of Acala’s seed and private funding rounds.

Leave A Reply

Please enter your comment!
Please enter your name here