While at the recent Malta AI & Blockchain Summit, Coin Rivet interviewed the COO of the PR9 Network, Jamie Forrester, to learn more about the issues PR9 is tackling within the cryptocurrency and blockchain space.
The PR9 Network offers a real-time institutional trading and settlement platform for blockchain-based assets held in cold storage.
Coming from the custodian space, Jamie was well aware of the underlying issues that currently exist in the space when it comes to assets held in cold storage.
PR9 is solving an industry-wide problem
Jamie has been involved with blockchain for roughly two and a half years, which is more than enough time to understand the issues the space is currently facing and to get to work on solving them with PR9.
“So the problem we solve is being able to trade assets in real-time,” Jamie said. “Which is a key thing for the larger places in the market right now, but also for institutions that will potentially come in.
“We’re kind of addressing that, but then there’s the security issue at the same time. Traditionally, the safest place for blockchain-based assets is cold storage. So we’ve developed our platform and been able to facilitate the trading of assets in real-time whilst remaining in cold storage.”
The PR9 council
When quizzed on what he believes are the key aspects PR9 is tackling at present, Jamie revealed:
“Addressing key industry issues – doing it in a way that’s kind of different in the fact our customers are a pretty big part of the way the platform is built. And we’re making it as easy as possible – anyone can kind of plug in and get started.”
When it comes to differentiating itself from its key competitors, Jamie informed Coin Rivet that PR9 boasts greater “price, speed, and security”.
Though PR9 focuses on a number of aspects, its primary one is the PR9 council:
“The PR9 council is every layer of our customer base and have an active part in developing the platform and building the platform, so they’re the first people to test on the platform, and then when we go live our customer base is already on the platform, all working. So we’re not then going out to try and find clients and that kind of thing.”
“It’s fully operational with a full client base from day one,” adds Jamie.
2019 is the year of regulation
“I think a big thing for this year is going to be regulation,” explains Jamie. “I know people have been going on about it for the past year or so, but I think this year things are going to start to come into place.
“I mean, personally, we’re pushing for it massively right here in Malta, because we’re based here, but also in all the jurisdictions we’re operating in. So I think regulation is key for this year.”
Jamie is incredibly pro-regulation and believes it is a necessary force, though one that must be moderated to the point where it does not inhibit innovation.
“It’s not just for the blockchain space, it’s for the wider world as well. We all know that all the big institutional players across the world, the reason they can do what they do is because they’re heavily regulated.
“I don’t think regulation is ready for the blockchain space yet. It needs altering so it doesn’t stop the innovation, but yeah, regulation is definitely the big thing this year.
“But the million dollar question though, is it possible? Yeah, I’m sure, but will it happen? I don’t know. I don’t know the answer to that.”
Upcoming announcements are on the horizon
When asked about PR9’s upcoming plans, Jamie kept his cards close to his chest, teasing that there are announcements on the horizon, but he could not disclose them to me at this time.
“There is – but they’ll be announced when they’re ready. We’ve got a period of roll-outs staggered coming up to Christmas, and with that is associated announcements of… interesting stuff,” he continued to tease.