KR1 Plc (AQSE:KR1) has splashed out US$400,000 (£307,500) on three investments in the blockchain sector in businesses looking to disrupt the radio beacon, internet and insurance markets.
This follows a range of investments made by the firm in July in areas such as supercomputers and Internet of Things communications.
READ: KR1 goes on investment spree in the blockchain sector
The NEX-listed blockchain investment group on Tuesday said it had invested US$200,000 for 3,625,641.41 FOAM tokens, part of Foamspace’s FOAM project.
FOAM is a project that powers a network of radio beacons that can offer secure location services independent of other sources such as GPS. This investment comes on top of US$100,000 of seed funding committed by KR1 To the FOAM project in September 2017.
KR1 also said it had invested US$100,000 into the Althea Mesh project, run by Hawk Networks Inc., for 303,030 Althea Mesh tokens.
Althea Mesh is a system of software that allows communities to set up decentralised internet service providers. Users purchase internet service and equipment and owners are automatically compensated for their contributions to the network.
In addition, the company has also committed US$100,000 for 1,344,291.43 Etherisc tokens to fund projects investigating how blockchain can be applied to the insurance market with the aim of creating communities to collectively build insurance products.
“Even in a market that has cooled significantly in recent months, we continue to see new teams forming, projects getting off the ground and the rate of innovation gaining yet more momentum,” George McDonaugh, KR1’s CEO said in a statement.
“Generally, we’re still very excited for what’s to come as blockchain technology continues to branch out and disrupt many business verticals and other areas of our society.”
KR1 shares were unchanged at 8.75p in mid-afternoon trade.