Crypto fund KR1 makes $353K from partial sale of Rocket Pool investment

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KR1, a crypto and blockchain asset investment company, has announced that it has sold 210,657 RPL tokens in the Rocket Pool (RPL) project at an average price of USD $1.67 per RPL token, generating proceeds of USD $352,620. These RPL tokens were acquired at an average price of USD $0.21 per RPL token during the Rocket Pool token presale in 2017.

Rocket Pool is a next-generation Proof-of-Stake (PoS) infrastructure service, designed to be highly decentralized, distributed and compatible with staking in Ethereum 2.0, offering any user, business, exchange or fund the ability to earn a yield on their Ethereum (ETH) holdings without worrying about maintaining an extensively technical staking infrastructure.

KR1 continues to hold the majority of its Rocket Pool position and intends to use the Rocket Pool offering for part of its own Ethereum 2.0 (ETH) staking activities, with the aim of generating further yield revenue for the company.

George McDonaugh, Managing Director & Co-Founder of KR1 commented:

“Building ground-breaking technology for Ethereum’s Proof-of-Stake future has been and continues to be a vast task, requiring hard work, flexibility and dedication. When David and the Rocket Pool team started out, Ethereum 2.0 was only at the very beginning of its research phase, so we’re proud to have supported them so early on in their journey. With KR1 being the only institutional participant in the initial Rocket Pool token sale, we received an offer earlier last year for our entire Rocket Pool position from a well-known and popular crypto fund, but decided against a sale as we continue to be extremely excited about Rocket Pool’s roadmap and the role of the RPL token in Ethereum’s staking future. In light of recent market conditions, however, the Company decided it was appropriate to realise some profit from its RPL tokens while continuing to hold a healthy position in anticipation of the roll out of Ethereum 2.0. We are delighted with how our investment in Rocket Pool has performed so far and are pleased to once again demonstrate how KR1 is continually looking to pick the best projects that we believe will maximise returns for shareholders.”

Via: https://www.cryptoninjas.net

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