tl;dr
Pyth Network and Revolut have formed a partnership to provide Pyth's real-time financial market data to over 500 markets, including commodities, foreign exchanges, and equities, through Revolut's user base. The collaboration aims to benefit both centralized and decentralized financial markets, offer...
Pyth Network and Revolut have joined forces to distribute Pyth's real-time financial market data to over 500 markets through Revolut's user base. This collaboration aims to bridge the gap between decentralized finance (DeFi) and centralized finance (CeFi), offering new resources to DeFi and showcasing the cost-effectiveness and profitability of Web3 investments.
Revolut will provide Pyth with data for over 500 markets, including commodities, foreign exchanges, and equities. Pyth Network, a decentralized oracle protocol, aims to deliver trusted price data to the DeFi ecosystem by sourcing data directly from first-party providers like Revolut.
Revolut's Global Business Head of Crypto, Mazen Eljundi, expressed that the partnership with Pyth is a significant step in modernizing finance. Both companies are optimistic about the potential to widely distribute valuable knowledge and encourage more CeFi institutions to enter the crypto space.
Pyth and Revolut envision a symbiotic relationship, as Pyth's data will reach downstream dApps and users, benefiting the Web3 ecosystem, while Revolut can deepen its connection to Web3 without substantial capital investment or leaving its comfort zone.
Overall, the collaboration between Pyth Network and Revolut holds the promise of widely distributing previously inaccessible knowledge, providing significant assistance to the Web3 ecosystem and potentially encouraging more CeFi institutions to embrace crypto.