The Custodian Agnostic Network, Which Provides Cross Asset-Class Support, Announces Formation of a Council Consisting of Blockchain and Traditional Finance Experts to Help Define the Build of the Network
May 2019 – 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.
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 support of its commitment to building a solution that is fit for the industry, the PR9 Network is also bringing together a Council to help input and shape the future of the network for the new age financial ecosystem. The Council will consist of industry experts and platform participants from the blockchain and traditional finance ecosystems, including 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. These experts will collaborate to ensure the PR9 Network meets the needs of clients, custodians and the wider industry, as well as adhering to all necessary regulations and requirements.
Brandon Russell, CEO of Etana, said,
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 utilise 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,” Forrester concluded.