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KR1 sells tokens from blockchain insurance firm Nexus Mutual

The average sale price of the tokens was around US$14.03 each, up from KR1's initial purchase price of US$2.24

KR1 PLC - KR1 sells tokens from blockchain insurance firm Nexus Mutual

KR1 PLC (LON:KR1) said it has sold 35,128 tokens in the Nexus Mutual project at an average price of US$14.03 each, netting the company US$492,991.

The digital asset investment firm said it had acquired the tokens at an average price of US$2.24 each during a seed round for the project, which aims to recreate a mutual insurance company built upon the Ethereum decentralised (DeFi) finance system and smart contracts.

READ: KR1 invests in Plasm application platform

KR1 said Nexus has seen “surging demand” over the last few months, with the insurer having written over US$16.39mln worth of cover since launch, adding that it was also expanding its capacities by growing its capital pool to US$7.64mln and signing up more than 1,000 members.

The company said a rapid influx of funds had resulted in Nexus’ capital pool, resulting in a spike in the value of the recently sold tokens.

 KR1 said it still holds more than three-quarters of its initial Nexus position and intends to potentially repurchase some tokens after pricing and capital pool dynamics return to normal levels.

“We’re delighted to have successfully backed another major DeFi project. We were the first brave money in at the seed round in 2017, when only a few saw the potential in Nexus, and long before the ecosystem had even taken shape. The special talent and background of Nexus Mutual’s founder, Hugh Karp, as well as the team’s hard work and dedication, have placed them at the heart of this new economy. Nexus’ smart contract cover is a perfect example of successful product-market fit, which is a rare occurrence in the yet nascent crypto world”, KR1 managing director and co-founder George McDonaugh said in a statement.

“Ethereum has given birth to this new era of disruptive composable financial applications and we have been a major early investor in ground-breaking projects including Acala, Argent, Melon, Union and Vega Protocol, to name a few. In stark contrast to the low level of developer activity on Bitcoin, the burgeoning DeFi world is testament to the Ethereum community’s strong willingness to experiment”, he added.

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