Crypto Cold Storage Platform Unveiled By PR9 Network

Blockchain, News | May 6, 2019 By:

A new real-time institutional trading and settlement platform for blockchain assets has been unveiled by the PR9 Network (PR9).

The platform will reportedly allow users to store their crypto-assets in cold storage with one of PR9’s trusted custodians. It will support the issuing of a wide range of crypto-assets, including bitcoin, Bitcoin Cash, ethereum, Ethereum Classic, and Litecoin, and has capabilities to support fiat and digitalized assets. The company said that the platform will only charge ultra-low trading fees on executed trades to enable high volume, low value transactions as well as high value transactions.

“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,” said Jamie Forrester, Chief Operating Officer of the PR9 Network. “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.”

To ensure the PR9 Network meets the needs of the clients, custodians and wider-industry as well as adhering to all necessary regulations and requirements, the PR9 Council will bring together industry experts from across the blockchain and traditional finance ecosystems. These include Etana, a settlement and custody solution that services clients including cryptocurrency exchange, Kraken, and Seabury Global Markets, an affiliate of Seabury Capital, which is an investor in the fintech space and conducts FinTech solution sales, marketing, and distribution within the international financial markets.

Brandon Russell, CEO of Etana, said, that as their clients — including banks, funds and exchanges — amass significant amounts of blockchain assets, their main concern is security and theft.

“The limitations of current infrastructure mean that it can take hours to move assets out of cold storage,” Russell said. “The PR9 Network will transform the way our clients can utilize their assets and is perfectly positioned to open up this previously illiquid market.”