Revolut Joins Pyth Network: 45M-User Bank Bridges TradFi and DeFi Gap

Revolut, a prominent British multinational neobank that boasts a massive user base of around 45 million users across 200 countries

Prominent British multinational neobank Revolut, which boasts a massive user base of around 45 million across 200 countries, has officially become the first traditional finance entity to join Pyth Network, the largest first-party oracle network.

While setting an example for the broader crypto industry, Pyth onboarded Revolut as a data publisher to “contribute its trusted price data to the decentralized finance (DeFi) ecosystem.” As per the official statement, Revolut will provide its accurate data for the prices of various digital assets supporting the operations of the numerous decentralized applications that exist on the blockchain network. The data will be sent by the neobank, which offers trading of cryptocurrencies as well, to Pyth Price Feeds, which in turn will be used by dApps.

Meanwhile, Pyth Network said that it is helping Revolut expand exposure to the digital asset space gradually without the neobank having to commit capital or engage in trading activities for the said exposure. The goal of the partnership is to “pave the way for more transparent, fair, and accessible markets.” The announcement read:

“This partnership marks a significant shift as financial institutions from the banking world begin to harness Pyth’s advanced oracle technology to improve transparency and reliability in digital asset markets, establishing Pyth as a mainstream, universal solution trusted by both Web3 and institutional players.”

Mazen Eljundi, the Global Business Head of Crypto at Revolut, highlighted that teaming up with Pyth Network is just a small step that the neobank has towards modernizing the current financial structure. Revolut seeks to influence developers and the broader virtual currency space via its accurate price data, which will be sent to the Pyth Price Feeds.

Additionally, Pyth Network also called on other traditional financial entities to become a data publisher for the oracle network. It is important to note that as per the data from DappRadar, the total value locked (TVL) in the network stands at $386.28 million, down 7.72% in the past 24 hours. The network hit its all-time high TVL on March 21st at a monumental $1.37 billion.

PYTH Crashes 9%

According to the data from CoinMarketCap, PYTH $0.32 24h volatility: 12.2% Market cap: $1.17 B Vol. 24h: $52.03 M has crashed a whopping 9.06% in the past 24 hours and is trading at $0.3381 at the time of writing, down 70.51% from its all-time high of $1.15 witnessed over 10 months ago on March 16th, 2024. After reaching its ATH in March, the altcoin plummeted to its all-time low of $0.2235 and has since then shot up 51.77%.

The Relative Strength Index (RSI) for the PYTH token reads a value of 37.66, which means that the bears are in control of the digital asset’s price action on the daily chart. Further, the gradient of the line suggests that PYTH might soon enter the oversold region.