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Pyth Network, a decentralized oracle protocol, has announced a partnership with Revolut, a digital banking platform, to contribute to both centralized and decentralized financial markets.
The pair will distribute Pyth’s sophisticated price data through Revolut’s massive user base. In doing so, they hope to provide new resources to DeFi and show CeFi institutions that Web3 investment can be cheap and profitable.
Pyth Network is a decentralized oracle protocol that delivers real-time financial market data to blockchain applications, sourcing data directly from first-party providers.
This differs from Chainlink, which uses a decentralized network of nodes to aggregate and deliver data. Pyth is designed to be highly performant and reliable, with low latency and high throughput.
According to the announcement, Revolut will now provide Pyth with data for over 500 markets, including commodities, foreign exchanges, and equities.
This data will be used to create and maintain Pyth price feeds, which are then consumed by decentralized applications (dApps) on various blockchains to obtain up-to-date and reliable market prices.
The partnership is also intended to straddle the line between DeFi and CeFi, with benefits flowing to both sectors.
Together, Pyth and Revolut hope to provide a bridge between the two worlds, enabling CeFi institutions to participate in Web3 and contribute to the broader financial ecosystem.
“Our partnership with Pyth is an important milestone in Revolut’s journey to modernize finance. As DeFi continues to gain traction, Pyth’s position as the backbone of the industry will help Revolut capitalize on this transformation,” said Mazen Eljundi, Global Business Head of Crypto at Revolut.
“This collaboration will open up a new world of possibilities for both CeFi and DeFi enthusiasts, ultimately leading to a more efficient and inclusive financial landscape.”
The partnership marks a significant step for both companies. Pyth has been rapidly expanding its footprint in the European market, recently partnering with VanEck to launch a PYTH-based exchange-traded note (ETN) in November.
Meanwhile, Revolut has been bolstering its crypto offerings and navigating regulatory hurdles, such as pursuing EU expansion under MiCA and aiming to dethrone Tether's stablecoin market lead.
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