KR1, a blockchain and crypto asset investment company, announced today that it has invested a total of $ 150,000 in the Lido project in exchange for 15,000,000 Lido (LDO) tokens.
Lido is a liquid Ethereum 2.0 stakeout solution supported by several industry leading stakeout providers. The system enables users to earn Ethereum (ETH) stake rewards with no locks or minimum deposits, while also helping to keep the recently launched Ethereum 2.0 blockchain safe.
By issuing a proxy token called staked ETH (stETH), Lido creates a fluid alternative to staked ETH, with which otherwise blocked tokens can be transferred, traded and used for other Ethereum DeFi applications. As such, Lido’s STETH token could become an important base primitive in DeFi and a fundamental building block for the Ethereum money Lego stack.
“We were very pleased about the recent start of the first phase of the Ethereum 2.0 roadmap and the resulting enthusiasm of the community for the work of ETH. With such a large and diverse community of ETH owners, there is great demand for innovative stakeout products, and Lido has created a very compelling offering. Their focus on simplicity, great user experience and flexibility will generate a lot of interest and we are excited to be involved at such an early stage. “
– George McDonaugh, managing director and co-founder of KR1