KR1 invests in Bitcoin-backed asset developer Interlay

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KR1 PLC (AQSE:KR1) said it has invested US$269,892 into Interlay Ltd in return for 1,224 series seed shares in the group.


The digital asset investment firm said it invested alongside other backers such as IOSG Ventures, who led the round, and others including Hypersphere, Zee Prime Ventures and CMS Holdings.


READ: KR1 unveils investment in data technology project RedStone


Interlay is currently focused on building its flagship project, known as ‘interBTC’, a fully collateralised one-to-one Bitcoin-backed asset that enables interoperability between multiple blockchain ecosystems while preserving what it says is Bitcoin’s “censorship-resistant nature”.


interBTC leverages the concept of trustless and efficient cross-chain exchanges using cryptocurrency-backed assets introduced in previous research published by Interlay, KR1 said, adding that the project will launch as a parachain on the Polkadot network and, once launched, will be utilised on Ethereum, Cosmos, Kusama and other networks through Polkadot’s interoperability technology.


“We are extremely pleased to have the support of top investors from various ecosystems and geographic locations, who believe in our mission to bring Bitcoin to all major blockchains such as Polkadot, Ethereum and Cosmos. Together, we will accelerate the development and adoption of interBTC and allow people to invest, earn and pay with BTC on any blockchain in a truly trustless and decentralised way”, Interlay chief executive and co-founder Alexei Zamyatin said in a statement.


“Bitcoin continues to be the highest valued asset in the digital asset ecosystem by a wide margin but,


compared to other base-layer blockchains, it is lacking on-chain opportunities to engage in, such as decentralised finance. interBTC is going to unlock a new wave of innovation for Bitcoin holders across multiple blockchains and serves as a prime example of decentralisation working to provide services that anyone can use without worrying about trust”, added KR1 managing director and co-founder Keld van Schreven.


In mid-afternoon trading on Friday, KR1 shares were trading at around 130p on the Aquis Exchange.

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