KR1 hits £4.5m in profits in the first half of 2019 despite bitcoin volatility

KR1, an investment company focusing on the blockchain ecosystem, has announced it made a profit of £4.5m in the first six months of 2019.

George McDonaugh, co-founder and CEO of KR1, said he was pleased to have seen KR1’s portfolio value increase despite the strong fluctuations in the cryptocurrency market, particularly given how bitcoin has seemed to jump and drop in value.

“As ever, there is a strong correlation with bitcoin across the crypto markets and we’ve seen encouraging results from our portfolio in recent months, posting a profit of £4,567,975 for the half-year,” McDonaugh said.

“This result was largely driven by the successful launch of the Cosmos network, one of our most successful investments to date. As announced previously this year, a part of our strategy is to stake our Cosmos ATOM to produce a generous monthly staking yield, recognized in the revenue of £116,788 over the three and a half months period since Cosmos’ launch on 14 March 2019. We believe Cosmos, Polkadot, Dfinity and other Proof-of-Stake blockchains are going to yield healthy cash flows to the business going forward to support operations and keep our cash balance strong.”

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