Pyth Network, a leading provider of decentralized data infrastructure, has partnered with fintech giant Revolut to bridge the gap between digital banking and decentralized finance (DeFi).
Through this collaboration, Revolut will share its proprietary digital asset pricing data with the Pyth Price Feeds. This integration allows DeFi developers to leverage Revolut’s data for asset pricing and trading insights, according to an official announcement.
As part of the agreement, Revolut contributes its unique data to enhance the security and functionality of Pyth-powered decentralized applications (DApps).
Mike Cahill, CEO of Douro Labs and a key contributor to the Pyth Network, described the partnership as a landmark moment in finance. In an interview, he stated, “This collaboration demonstrates that the boundaries between traditional finance and Web3 are dissolving.”
Expanding the TradFi-DeFi Connection
Revolut’s partnership with Pyth highlights the increasing synergy between traditional finance (TradFi) and decentralized finance. Cahill remarked that this collaboration sets the stage for a more interconnected global financial ecosystem.
The partnership provides DeFi developers access to over 500 real-time data streams, covering assets such as cryptocurrencies, equities, commodities, and foreign exchange. These feeds are instrumental in supporting DApps, which reportedly processed over $1 trillion in trading volume during 2024, according to Pyth’s data.
This collaboration aligns with Revolut’s efforts to expand its cryptocurrency services, including the rollout of its Revolut X platform across the European Economic Area. Revolut described the initiative as a strategic step in its evolution.
Pyth’s Edge in the Oracle Space
While the partnership may invite comparisons between Pyth and other data providers like Chainlink, Cahill underscored that Pyth’s primary focus is on advancing the DeFi ecosystem rather than competing directly.
“Pyth surpassed Chainlink in [Total Transaction Volume] some time ago. Our focus is not on rivalry but on empowering developers to create DApps that can redefine finance,” said Cahill.
He also emphasized the importance of transparent and reliable data in today’s interconnected world, describing these qualities as essential rather than optional.
VanEck Launches Pyth-Based ETN
On November 5, 2024, global asset manager VanEck introduced an exchange-traded note (ETN) in Europe based on Pyth Network’s native token.
The VanEck Pyth ETN is now available to investors across 15 European countries, including Germany, France, Switzerland, and Norway. The ETN tracks the MarketVector Pyth Network VWAP Close Index and is fully backed by PYTH tokens, which are securely held by Liechtenstein-based custodian Bank Frick.
This launch reflects growing institutional interest in decentralized finance and further cements Pyth’s role in shaping the future of the financial landscape.
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