PR9 Launches Institutional Crypto Trading and Settlement Platform

PR9 Network
PR9 Network

Malta-based PR9 Network (PR9) has launched a real-time institutional trading and settlement platform which allows 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.

The network will start holding in cold storage a few of the leading blockchain-based assets, including BTC, BCH, ETH, ETC, and LTC.

Jamie Forrester, Chief Operating Officer of the PR9 Network, said:

“Currently, holders of blockchain-based assets must choose between keeping their assets secure in cold storage — estimated to be valued in the tens of billions of dollars — or generating a yield by engaging in trading and lending activities. The PR9 Network solves this key industry problem by eliminating the trade-off between security and generating a return, by providing clients with the ability to trade their PR9 assets with the knowledge that their underlying assets are being kept secure in cold storage.”

In addition to launching the trading and settlement platform, PR9 is bringing together a Council, consisting of industry experts and platform participants, to help input and shape the future of the network.

Etana, a settlement and custody solution that services clients including a cryptocurrency exchange, Kraken, and Seabury Global Markets, have joined the Council in order to help the network meet the needs of clients, custodians and the wider industry, as well as adhering to all necessary regulations and requirements.

Brandon Russell, CEO of Etana, commented:

“As our clients — including banks, funds, and exchanges — amass significant amounts of blockchain-based assets, their main concern is security and theft. However, the limitations of current infrastructure mean that it can take hours to move assets out of cold storage. The PR9 Network will transform the way our clients can utilize their assets and is perfectly positioned to open up this previously illiquid market.”

Rob Fleschler, CEO of Seabury Global Markets, said:

“We look forward to making the PR9 Network available to our clients globally and, when combined with the services of custodians like Etana, significantly increases the usefulness of assets held in cold storage.

“The PR9 Network allows clients to trade their assets and custodians to immediately differentiate themselves from other providers in the market, by only having to plug into one network as opposed to developing their own. The PR9 Network aims to work collaboratively with custodians and industry participants to create an agnostic solution which solves the industry-wide problem of the illiquidity of stored assets, and we hope the network will become an integral part of the blockchain industry,”, PR9 CEO Forrester added.