In a partnership, the decentralized data service provider, Pyth, joins forces with fintech banking company, Revolut. Their aim is to seamlessly incorporate financial data from digital banking into the realm of Decentralized Finance (DeFi).
According to a recent announcement, Revolut is set to share its digital asset pricing information through Pyth Price Feeds. This move allows Decentralized Finance (DeFi) developers to integrate the platform’s “price and trading data” into their projects.
Instead, Revolut provides Pyth Price Feeds with exclusive digital asset pricing data that it owns, aiming to ensure the smooth functioning of Pyth’s decentralized apps (DApps).
During an interview with CryptoMoon, Mike Cahill, the CEO of Douro Labs and a key figure in the Pyth network, stated that this collaboration signifies that the boundaries between conventional finance and Web3 are being eliminated completely.
Integration signals broader TradFi and DeFi collaboration
Revolut’s collaboration with the Pyth network underscores the expanding link between conventional finance (traditional finance or TradFi) and Decentralized Finance (DeFi). As Cahill stated, this integration forms the basis for a universally accessible financial market on a global scale.
Via this partnership, DeFi developers can tap into more than 500 up-to-date data streams covering digital assets, foreign exchange, stocks, and commodities. These data sources empower Decentralized Applications (DApps), which are said to have facilitated over $1 trillion in total trading volume by 2024, based on Pyth’s data.
The partnership arises as Revolut broadens its cryptocurrency services, encompassing its Revolut X platform, throughout the European Economic Area. In a press release, Revolut referred to this alliance as a “logical advancement” in their business strategy.
Pyth vs. Chainlink
Instead of constantly comparing ourselves with other price feed data providers, Cahill underscored our team’s commitment to pursuing broader objectives rather than engaging in direct competition.
For quite some time now, Pyth has surpassed Chainlink in Total Transaction Volume, and to be truthful, we’ve hardly given them a second thought since then,” Cahill mentioned.
“Our goal for the Pyth Network isn’t just about being the top oracle. Our mission is to accelerate the pace at which DeFi can overtake TradFi and empower developers to build DApps that can compete with apps.”
Moreover, Cahill emphasized the significance of openness and consistent pricing within our interwoven global community. He asserted that these aspects are no longer optional luxuries; rather, they have become essential requirements.
VanEck Pyth ETN listing
On November 5, 2024, a representative from VanEck announced that they had launched an Exchange-Traded Note (ETN) in Europe. This financial instrument is designed to mirror the performance of the indigenous token of the Pyth Network (PYTH).
1) Investors in fifteen European Union member states, such as Germany, France, Norway, and Switzerland, can access the VanEck Pyth Exchange-Traded Note (ETN). This financial instrument is designed to mimic the performance of the MarketVector Pyth Network VWAP Close Index.
As a researcher, I’ve learned that the Debt Instrument by VanEck is fully backed by physical Pythian Token (PYTH) holdings, securely kept by the Liechtenstein-based custodian Bank Frick.
Read More
- HBAR PREDICTION. HBAR cryptocurrency
- IMX PREDICTION. IMX cryptocurrency
- TRB PREDICTION. TRB cryptocurrency
- MNT PREDICTION. MNT cryptocurrency
- LDO PREDICTION. LDO cryptocurrency
- JTO PREDICTION. JTO cryptocurrency
- FLOKI PREDICTION. FLOKI cryptocurrency
- XDC PREDICTION. XDC cryptocurrency
- TNSR PREDICTION. TNSR cryptocurrency
- Dandadan Shares First Look at Season Finale: Watch
2025-01-08 18:12