Pyth partners with Revolut to integrate digital asset data into DeFi, providing real-time data to developers and decentralized apps.
Pyth, a decentralized data infrastructure provider, has partner by Revolut, a global digital banking company. Together, this partnership will introduce digital banking data into decentralized finance (DeFi). Revolut integrates the digital asset price data into Pyth Price Feeds, which DeFi developers consume.
With more than 45 million users spread across 200 countries, Revolut adds their data to the decentralized Pyth network, the company said. Revolut allows developers to integrate Revolut's high-quality digital asset price data into decentralized applications (dApps) building on Ethereum to create a single network that displays prices across the most popular assets. This is a step in connecting traditional finance with decentralized finance.
This partnership is particularly important, said Mazen Eljundi, Global Head of Crypto Business at Revolut. It is a key moment in our mission to modernize finance, he said. Pyth's place in the industry will help Revolut accelerate this transformation as DeFi continues to grow. Revolut is trying to help developers and users by providing real-time market data, which is essential for any crypto exchange.
Pyth and Revolut bring real-time data to the next generation of DeFi applications
With this integration, Revolut, together with supported DEXs, will be able to act as data publishers for the Pyth oracle network. Supporting the operation of many dApps, Pyth will provide its proprietary digital asset price data to the Pyth Price Feeds. In the month of December, Pyth saw TVS of more than $ 15.2 billion. As Revolut grows its crypto offerings such as the Revolut X exchange in the European Economic Area, this partnership is a natural step in that direction. There is a further disconnect between the real finance of children and the DeFi space.
Michael Cahill, CEO and Co-Founder of Douro Labs at Pyth Network was also a major contributor to the Pyth Network talking about his collaboration. More traditional banks are beginning to appreciate the value of decentralized finance, he noted. This partnership is a testament to how more and more traditional financial institutions are recognizing the potential value of DeFi and digital assets.
This collaboration also provides 500+ real-time data feeds for DeFi developers to use across digital and traditional asset classes. Pyth's Price Feeds are used by dApps that will transact over $1 trillion with change over 2024. This partnership is expected to continue to drive growth for decentralized finance. It will also provide real-time, reliable data for the next generation of financial applications.
Source: https://www.livebitcoinnews.com/pyth-partners-with-revolut-to-integrate-digital-banking-data-into-defi/
