Pires Investments (PIRI ) told investors that it is seeing progress amongst its investments in the digital assets sector, particularly in the crypto venture capital and technology firm, Pluto.
The investment company, which is focused on next generation technologies, completed an investment in Pluto Digital Assets ("Pluto"), a newly incorporated company which plans to focus on investment in digital assets built on Ethereum and other networks, last month.
Pluto invests in, incubates and advises digital asset projects based on decentralised technologies, decentralised finance and networks such as Ethereum and Polkadot. It also supports the operation of proof-of-stake networks by staking and operating validator nodes.
Pires described the move as ‘an exciting new investment into another technology company with a focus in the fast-growing digital assets sector.’ It expects the investment to enable it to reduce the risk profile of an exposure to a single new cryptocurrency token as well as potentially provide it with an earlier opportunity to realise the value of its investment.
Pluto has now completed a further fund raising, amounting to a total of £2.5 million, which includes an investment from Argo Blockchain plc (LSE: ARB ), the AIM-listed cryptocurrency mining company which, post this fundraising, will have a 25% shareholding in Pluto.
This funding took place at a significant premium to the price at which Pires initially invested in Pluto last month. At the same time, Pires said it has invested a further £100,000 in Pluto as part of this current funding round, satisfied from the existing cash resources of Pires.
The Group noted that Pluto's team holds ‘strong relationships in the sector’ which is expected to provide access to projects at early stages of development, ‘with a number of influential members of the cryptocurrency community participating in this fundraising.’
"We are very pleased with the progress of Pluto to date, the level of demand from new investors and to have the opportunity to deploy further funds into a technology business operating in the very exciting and fast-growing digital assets sector,” said Chairman, Peter Redmond.
The Company also noted the completion of its investment in DeTech Studio Limited which also occurred last month. DeTech Studio is a business developing a decentralised finance technology platform which is expected to be operational during the first half of 2021.
Investors will be all too familiar with the recent rise in value of cryptocurrencies such as Bitcoin, but perhaps less well informed on the development of Web 3.0 and the decentralised Etherium and Polkadot networks, which are widely regarded within the Blockchain industry as the leading decentralized finance (“Defi”) opportunities in 2021 and beyond. Shares in Pires Investments have increased by over 85% in value since the beginning of the year. The stock jumped 18.6% higher this morning to 12.75p following the update.
Reasons to Follow PIRI
Pires Investments (PIRI ) is an investment company providing investors with access to a portfolio of next generation technology businesses with significant growth potential.
The Company is focused on building an investment portfolio of high-tech businesses across areas such as Artificial Intelligence ("AI"), Internet of Things ("IoT"), Cyber Security, Machine Learning, Augmented Reality and Virtual Reality ("AR/VR") and Big Data.
The Board believes its portfolio demonstrates evidence of traction and the potential for exponential growth, due to increasing global demand for development in these sectors.
In December 2020, Pires announced its new venture into decentralised finance through a share subscription agreement into .DeTech Studio Limited developing a decentralised finance technology platform ("YOP"), providing Pires with a 15% equity interest in DeTech.
The company told investors that it believes decentralised finance technology platforms offer opportunities for growth and that it could capture a significant portion of the DeFi market.
Follow News & Updates from Pires Investments here: