Outside Source
Revolut, the U.K.-based digital banking giant, is the latest company to join the Pyth Network as a data publisher.
The partnership between the Financial Conduct Authority regulated neobank and Pyth Network (PYTH) means Revolut will now contribute its price data to the blockchain-based oracle network, benefiting the growing decentralized finance ecosystem.
Revolut’s integration with Pyth comes as the gap between traditional finance and DeFi continues to narrow.
This trend has gained traction amid the increasing adoption of blockchain technology across financial technology and related ecosystems. The Pyth Network’s oracle solution plays a key role in this evolution as the platform seeks to expand alongside industry giant Chainlink (LINK). Both oracle networks aim to provide web3 users and institutions with enhanced transparency and reliability.
Mike Cahill, chief executive officer of Duoro Labs and a contributor to the Pyth Network, highlighted the growing recognition of digital assets and DeFi within traditional finance.
“Pyth’s collaboration with Revolut is part of a larger trend we’re seeing, where traditional banking institutions, trusted by millions of customers globally, are recognizing the value of decentralized finance and digital assets. Together, we are driving the future of finance, where transparent and reliable data empowers the next generation of financial applications,” he noted.
As a data publisher on Pyth Network, Revolut will contribute to Pyth’s price feeds, enhancing the security and reliability of decentralized applications. In turn, Pyth will leverage Revolut’s market expertise to provide accurate and dependable price feeds to dApps. For Revolut, the partnership marks a significant step in expanding its presence in the web3 space.
Launched in 2015, Revolut has grown to over 45 million users and offers its services in 200 countries. Meanwhile, the Pyth Network continues to expand, with more than 120 data providers, over 590 price feeds, and integration across 450 dApps.
This article first appeared at crypto.news
