KR1, which is a crypto and blockchain asset investment company announced today that it has sold approximately 35,128.30 NXM tokens in the Nexus Mutual project. This project has proved exceptionally beneficial in the sense that it helped generate around USD $493K, at an average price of USD $14.03 per NXM token. Through these tokens, NXM plans to expand and spread its network.
Ethereum based project
The NXM project is built on Ethereum, and is becoming an important part of the rapidly expanding Ethereum De Fi ecosystem.
The NXM token is priced in a way that it takes into consideration everything from its system to its details, which helps it to maintain its standard and efficiency.
KR1 already has more than three-quarters of its initial Nexus position. Moreover, in future it plans to buy more NXM tokens as soon as their prices return to normal range.
George Mc Donaugh, the Managing Director and Co-Founder of KR1, commented:
We’re delighted to have successfully backed another major De Fi 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
He further exclaimed that the credit of their success goes to Hugh Karp, who is the Nexus Mutual’s founder. His dedication and commitment have helped them to be on top of their game. Nexus’ smart contract is a unique example to be found in the crypto world and has already been able to prove itself as a successful market fit.
Ethereum has been the reason behind financial applications and in ground-breaking projects such as Acala, Argent, Melon, Union, and Vega Protocol. As compared to Bitcoin, DeFi has proven to have more room for experimentation by the Ethereum community.