In a collaborative effort, Pyth Network teams up with Revolut, aiming to impact both conventional and blockchain-based financial sectors. Together, they plan to disseminate Pyth’s advanced pricing information to Revolut’s extensive user network.
By taking this action, they aim to introduce fresh assets for Decentralized Finance (DeFi) and demonstrate to Traditional Financial Institutions (CeFi) that investing in Web3 can be cost-effective and lucrative.
Pyth and Revolut Work to Transform Finance
As per the recent announcement, Revolut has decided to share data for approximately 500 global markets with Pyth. This data encompasses commodities, foreign exchange rates, and stock markets. The Pyth Network is a decentralized system that provides real-time financial market data to blockchain applications. Notably, it obtains this data directly from primary providers such as Revolut.
Through this alliance, Pyth and the widely recognized neobank aim to combine their efforts, providing reliable market data to the Decentralized Finance (DeFi) sector. This is a subject that’s generating significant interest in the crypto world; yesterday, Ripple implemented Chainlink Standard for similar purposes.
Furthermore, Pyth and Revolut asserted that their partnership would blur the boundary between Decentralized Finance (DeFi) and Centralized Finance (CeFi), offering advantages to both realms. Notably, Revolut represents a newer entrant in the cryptocurrency market.
Lately, the platform has been focusing on expanding within the EU through MiCA regulation, and it’s also trying to challenge Tether’s supremacy in the stablecoin market.
Partnering with Pyth represents a significant step in Revolut’s mission to modernize finance. With DeFi becoming increasingly popular, Pyth’s role as the foundation of the sector will enable Revolut to seize this opportunity for change,” stated Mazen Eljundi, Global Business Head of Crypto at Revolut.
Similar to Revolut, Pyth has been making its way into the European market by teaming up with VanEck for the release of a Pyth-backed ETN in November. The price of its PYTH token reached a peak last summer but subsequently plummeted down to record lows.
In simpler terms, the overall rise in cryptocurrency prices (the ‘crypto bull market’) temporarily boosted the altcoin’s value, but that boost has now faded away.
Despite any reservations, it appears that Pyth and Revolut are looking forward to their partnership with enthusiasm. They envision a mutually beneficial alliance whereby Pyth’s data can be accessed by a vast array of dApps and users connected through Revolut.
Simultaneously, Revolut could strengthen ties with Web3 without requiring significant investment or venturing far beyond its familiar territory.
To put it simply, these two entities aim to make vast amounts of once unattainable information readily available across the web, offering significant support to the decentralized internet (Web3) community.
It’s likely that success in this endeavor will attract positive media attention, thereby inspiring more Traditional Finance (CeFi) entities to venture into cryptocurrency.
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2025-01-08 23:06