The PR9 Network (PR9) has unveiled its real-time institutional trading and settlement platform for blockchain-based assets held in cold storage. The unique network will allow clients’ assets to remain in cold storage with their preferred custodian, while providing them with a mirror balance to buy, sell and lend a wide range of blockchain-based assets, beginning with BTC, BCH, ETH, ETC and LTC. PR9 will only charge ultra-low trading fees on executed trades.
We speak with Tara Annison of the PR9 Network, about this new development and the security of tokens.
PR9 fills a huge gap in the market by allowing investors to trade with their tokens while they are still in cold storage. What inspired this project?
We spotted a gap in the market after identifying a key industry pain point for institutional and retail participants alike, namely the trade-off between security and profit making. As such we were inspired to create a product which offered both — the ability to keep your assets secure in cold storage, whilst also having the ability to profit make through trading.
Could you tell us a bit about PR9?
The PR9 Network provides real-time trading and settlement for blockchain-based assets held in cold storage. Whether as a long term investment, for staking or for client fund management, network participants can securely and seamlessly exchange a wide range of digital assets to enhance yield on custodied assets. The network supports the issuing of a wide range of crypto-assets, including BTC, BCH, ETH, ETC, and LTC, with fiat and digitalised assets support to be rolled out in the near future. With ultra-low trading fees, the PR9 Network enables high volume, low-value transactions, as well as high-value transactions.
Would you say the desire that investors have to keep their funds in cold storage is due to market volatility concerns, a fear of theft or both?
Market volatility has, and will continue to be, part and parcel of the risk that comes with investing — both in a blockchain and non-blockchain world. Several factors encourage investors to keep their funds in cold storage, however safety and security is by far the number one reason.
With the QuadrigaCX story of this year, do you think there is any apprehension on the part of investors towards keeping their funds in cold storage?
The events surrounding the high-profile Canadian crypto exchange QuadrigaCX which made headlines earlier this year highlighted the fact that even cold storage isn’t safe from the potentially nefarious actions of those who run it. It is of the utmost importance to work with credible and trustworthy actors in this space and our unique network will only be working with the highest calibre of cold storage providers who have the best security and highest custody standards.
Currently, PR9 supports BTC, BCH, ETH, ETC, and LTC. Are there plans to add more tokens in the near future?
The PR9 Network currently supports the issuing of a wide range of crypto-assets, with fiat and digitalised assets support to be rolled out in the near future. We are also in the process of bringing together a Council to help input and shape the future of the network for the new age financial ecosystem. The Council, which will consist of industry experts and platform participants from the blockchain and traditional finance ecosystems, will play an instrumental part in helping us understand the priority assets and markets, in order to ensure deep liquidity on our platform. We are also building in a highly scalable way, to enable trading volumes as well as new asset integrations.
Do you see services like this becoming more of the norm, even as those who are HODLing will eventually come out of hibernation?
HODLers will generally keep their assets long term — regardless of what the market is doing and regardless of the trading structure. However, this service will most likely become the norm as security concerns continue to dominate the industry and as the wider crypto-market looks to turn bullish.
What else does PR9 have in store for the near future following this launch?
We are just emerging from stealth mode and over the next few months our focus will be on research and development as well as building on our long-term vision of creating a real-time trading and settlement platform for blockchain-based assets held in cold storage.