KR1 soars on back of Polkadot and $199,119k investment
has become a member of the MetaCartel Ventures Decentralised Autonomous Organisation (“MCV” or “MCV DAO”) after investing $199,119k into the entity.
The digital asset investment firm told investors that it received 4,938 MCV shares in return for its investment representing an interest of 7.85% in the MCV DAO as of this morning.
The MCV is a for-profit Decentralized Autonomous Organisation (“DAO”) - created by Ethereum’s ‘MetaCartel’ community for the purposes of making investments into early stage decentralised applications, a recent development in blockchain venture funding.
MCV is a hybrid organisation made up of blockchain smart contract code and a traditional corporate structure. The project is a new way for both individuals and entities to coordinate funding, labour, time and social capital ‘through an on-chain managed organisation.’
The technology half deploys a‘MolochDAO v2’ smart contract on Ethereum while the legal half is a member-managed Delaware Limited Liability Company, ‘MetaCartel Ventures DAO LLC’.
Shares in KR1 have increased more than 150% over the past two weeks following positive Final Results
KR1’s Directors said they believe MCV will have ‘its pick of the best seed stage opportunities in the Ethereum space’, including decentralised finance projects, other DAO projects due to the organisation’s strong community of established blockchain entrepreneurs and founders.
MCV 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.
KR1 told investors that MCV is initially looking to allocate small amounts of capital which could then 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.”
Keld van Schreven, Managing Director and Co-Founder of KR1, commented: “MCV may very well serve as a future model on how to manage and govern capital in the future.”
He added, “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.”
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