KR1 portfolio project Moonbeam completes strategic fundraising

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KR1 PLC (LON:KR1) said its portfolio project, Moonbeam, has completed a US$6mln strategic funding round led by CoinFund alongside Binance Labs and ParaFi Capital.

The digital asset investment firm said it has it had invested a further US$150,000 into Moonbeam during the funding round in exchange for 30,000 GLMR tokens, giving it a total holding of 130,000 GLMR.

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Moonbeam is an Ethereum-compatible smart contract platform on the Polkadot network that makes it easy to build natively interoperable applications. The Ethereum compatibility allows developers to deploy existing Solidity smart contracts and dApp frontends to Moonbeam with minimal changes.

“We’re very excited to follow on our initial investment…Moonbeam is now well positioned to come to market as one of the most anticipated networks building on Polkadot. Another major indicator of their success is the number of other projects integrating with Moonbeam already, including some of the best-known platforms in [decentralised finance]”, KR1 managing director and co-founder George McDonaugh said in a statement.

Shares in KR1 were trading at around 195.5p in late afternoon on the Aquis Exchange.

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