In simple terms, Revolut, a leading digital bank based in the U.K., has become the newest member of the Pyth Network, contributing data to it.
Through a collaboration with Pyth Network (PYTH), a blockchain-regulated neobank overseen by the Financial Conduct Authority has agreed to share its pricing data with the decentralized oracle network. This partnership is expected to enhance the expanding world of DeFi, as Revolut’s contribution will bolster the network’s credibility and utility.
The partnership between Revolut and Pyth marks a significant step forward as the divide between conventional finance (TradFi) and Decentralized Finance (DeFi) becomes increasingly smaller.
This trend is growing more popular as more financial technology and related sectors embrace blockchain tech. The Pyth Network’s oracle service is a significant player in this development, striving to grow together with industry titan Chainlink (LINK). Both oracle networks focus on delivering increased transparency and dependability to web3 users and institutions alike.
Mike Cahill, CEO of Duoro Labs and a part of the Pyth Network, underscored the increasing acceptance of digital assets and Decentralized Finance (DeFi) in conventional banking circles.
Pyth’s partnership with Revolut is a reflection of a broader movement in the industry. Established banking organizations, with vast customer bases worldwide, are acknowledging the worth of decentralized finance and digital assets. In this collaboration, we are shaping the finance landscape of tomorrow, where transparent and dependable data fuels the development of future financial technologies,” he emphasized.
By partnering with Pyth Network, Revolut will enrich Pyth’s data pool, thereby improving the safety and trustworthiness of decentralized applications. In return, Pyth will utilize Revolut’s market insights to deliver precise and reliable price data to dApps. This collaboration represents a substantial move for Revolut in broadening its influence within the web3 domain.
Initiated back in 2015, Revolut has seen significant growth, now boasting over 45 million users worldwide. The platform’s services are available in a staggering 200 countries. On the other hand, the Pyth Network is on an upward trajectory, with more than 120 data providers, approximately 590 price feeds, and integration into over 450 decentralized applications (dApps).
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2025-01-08 21:00