KR1m a blockchain and crypto-asset investment company, today announced that it has become a member of the MetaCartel Ventures Decentralised Autonomous Organisation (MCV or MCV DAO), by contributing USD $199,119.54 into the entity and receiving 4,938 MCV shares in return, representing an interest of 7.85% in the MCV DAO as at the date of this announcement.
The MCV is a for-profit DAO, created by Ethereum’s ‘MetaCartel’ community for the purposes of making investments into early-stage decentralized applications, being an exciting new development in blockchain venture funding. This project is a new way for individuals and entities to coordinate funding, labor, time, and social capital through an on-chain managed organization.
MCV is formed as a hybrid organization made up of blockchain smart contract code and a traditional corporate structure. The technology half consists of a deployment of a ‘MolochDAO v2’ smart contract on Ethereum, with the legal half being a member-managed Delaware Limited Liability Company, ‘MetaCartel Ventures DAO LLC’.
With MCV’s strong community of established blockchain entrepreneurs and founders, the Directors believe that MCV will have its pick of the best seed-stage opportunities in the Ethereum space, including DeFi (Decentralised Finance) projects, other friendly DAO projects and many more. To date, the MCV DAO has already made several investments, including ‘Reflexer Labs’, building ‘RAI’, a low volatility collateral for the DeFi ecosystem, and ‘Zapper Finance’, a popular DeFi dashboard. MCV is initially looking to allocate small amounts of capital, which could increase over time as the amount of funds in the DAO’s treasury grows.
Peter Pan of MetaCartel Ventures DAO commented:
“In crypto we are all on the same team to make change happen and KR1 is a great example of a team that is on your side. KR1 truly cares about the grassroots ethos of Web 3 and is willing to back their beliefs. Excited to see MetaCartel Ventures grow in strength.”
Keld van Schreven, Managing Director and Co-Founder of KR1, commented:
“We are very excited about the innovation MCV is doing in the blockchain funding space. MetaCartel and all the individuals involved are a highly credible and hugely influential community including the best and brightest people, which will serve it well as it grows. MCV may very well serve as a future model on how to manage and govern capital in the future. For us the MetaCartel Ventures DAO offers a unique investment opportunity, which brings with it a strong deal flow pipeline where we can contribute our expertise and experience as well as add to it with early-stage projects we are seeing.”