Kryptonite1 is pleased to announce that the Company taken part in an Initial Coin Offering (“ICO”) undertaken by the Cosmos Project (“Cosmos”). The Company invested £100,000 for 1,279,840 Atom tokens in the ICO, which successfully raised a total of $16.8 million within 30 minutes of opening to the public.
Cosmos is a network of interconnected blockchains that addresses the scalability and interoperability weaknesses of current blockchain technology. Cosmos is based on the highly-regarded Tendermint consensus algorithm and is scheduled to be the first bonded Proof-of-Stake blockchain in production. Cosmos’ native cryptocurrency, Atom, will secure the network and validate transactions. It will also be used to vote through on-chain governance. The aim of Cosmos is to create the internet of blockchains – an interconnected and interoperable network of blockchains allowing seamless movements of assets across chains.
George McDonaugh, Executive Director of the Company, commented:
“We are excited to have participated in the Cosmos fundraiser. We see the Cosmos Network as an important layer in the emerging decentralised stack. We looked at the team, their technical track record so far and how far the project has matured since its inception and it became clear Cosmos have a good chance of creating some much-needed infrastructure within the blockchain ecosystem.”
The Directors of Kryptonite1 accept responsibility for the contents of this announcement.
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