Asia Blockchain Review recently spoke to Tara Annison, Technical Product Manager of the PR9 Network, which provides real-time trading and settlement for blockchain-based assets held in cold storage. Annison talked about the company’s mission, security for crypto assets, and the establishment of the PR9 Council that will gather experts across the blockchain and traditional finance ecosystems to work on solutions for the future.
Asia Blockchain Review: Can you tell us about the trading system for PR9 Network and the idea behind the establishment of the company?
Tara Annison: The PR9 Network was borne out of an industry pain point for many crypto asset owners who have to deal with the dilemma of either keeping their assets secure and locked away in cold storage or keeping them in hot storage with quick access to profit making.
The PR9 Network offers the best of both worlds whereby the client is able to keep their assets in cold storage and trade a replicated balance on the PR9 Network — essentially providing real-time trading and settlement for blockchain-based assets held in cold storage.
Whether for long-term investment, staking, or client fund management, network participants can securely and seamlessly exchange a wide range of digital assets to enhance yields 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 digitalized 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.
ABR: What are the obstacles to trading in crypto assets? How is your company addressing those issues?
TA: One of the most significant challenges regarding the trading of crypto assets is security. As users move their assets from storage onto a trading platform or with a broker, this may mean that assets move from secure cold storage with a custodian or within hardware to a hot storage solution. Unfortunately, as we have already seen this year, even the most prominent exchanges are not immune to attacks, and as such, this creates a vulnerability around your assets when you want to move or trade them.
The PR9 Network offers a platform where you can securely exchange and send your crypto assets. The underlying asset remains in cold storage, and instead, users trade a replicated balance across our network. This is settled and traded in real-time with end-of-day reconciliation. Users are able to deposit and withdraw with their custodian, and their PR9 Network balance is updated accordingly.
The PR9 Network, therefore, enables secure and seamless trading of crypto assets without the risk that the underlying asset can be stolen from hot storage or during the trade.
ABR: How does your business model work in order to allow ‘ultra-low trading fees’?
TA: We want to encourage high-volume transactions as well as high-value transactions, and as a result, we’ll be charging ultra-low trading fees on our platform. We feel this is important, as it not only supports the broader industry trend to reduce trading fees, but also shows our commitment to being a highly liquid exchange, offering a prime destination for the trading of blockchain-based assets.
ABR: What is the PR9 Network Council? Can you tell us more about the mission of the council?
TA: In support of our commitment to building a solution that is fit for the industry, the PR9 Network is bringing together a Council to help give input and shape the future of the network for a new financial ecosystem. We are looking to ensure we have a customer-centric product, and we believe it is important to bring in our potential clients at the earliest possible stage as well as throughout the build lifecycle to ensure our product meets their needs.
ABR: Who are the members of the council? What developments have you made with the Council?
TA: 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.
We will be looking to announce additional council members in due course.
ABR: What are other projects that we can expect to see from PR9 Network this year?
TA: We are just emerging from stealth mode, and at present, our key focus is on research and development. We are fully focused on our long-term vision of developing the PR9 Network to enable an exchange for institutional clients to securely and seamlessly trade the assets they hold in cold storage. We’ll be continuing with the build work and ensuring we create a product that meets the needs of our customers.
ABR: How are crypto assets changing the way people invest in financial markets?
TA: Crypto assets offer an alternative asset class which is seeing increased awareness and interest from institutional players, both native to the crypto/blockchain industry as well as migrating from traditional finance.
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