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Pyth Network partners with Revolut to contribute to both centralized and decentralized financial markets. The pair will distribute Pyth’s sophisticated price data across Revolut’s massive user base.
Through this, the two parties hope to provide new resources for DeFi and demonstrate to CeFi organizations that investing in Web3 can be cheap and profitable.
Pyth and Revolut Change Finance
According to NotificationRevolut will provide data to Pyth on more than 500 markets, including commodities, foreign exchange and equities. Pyth Network is a decentralized oracle protocol that provides real-time financial market data to blockchain applications, pulling data directly from providers like Revolut.
With this partnership, Pyth and the famous digital bank are jointly contributing reliable price data to the DeFi ecosystem. This is a popular theme in cryptocurrency today; Ripple integrated Chainlink Standard to support this yesterday.
Additionally, Pyth and Revolut say their partnership will balance DeFi and CeFi, benefiting both industries. On its part, Revolut is a relatively new player in the cryptocurrency market.
Recently, the platform has been aiming to expand in the EU under MiCA and trying to overthrow Tether’s Stablecoin dominance.
“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 Head of Cryptocurrency Business at Revolut.
Similar to Revolut, Pyth is also integrating into the European market, partnering with VanEck to launch a PYTH-based ETN in October. Their PYTH token reached a short-term peak this past summer but has since fallen to an all-time low.
The general bull market in crypto brought short-term positive momentum to altcoins, but this has since tapered off.
However, both Pyth and Revolut are very optimistic about this cooperation. The two parties hope to create a symbiotic relationship, where Pyth’s data will reach a large number of dApps and users later.
At the same time, Revolut can expand its connection to Web3 without investing much capital or leaving its comfort zone.
In short, these two companies hope to widely distribute a large body of previously inaccessible knowledge, providing serious support to the Web3 ecosystem.
If successful, this will generate positive news, encouraging more CeFi institutions to participate in cryptocurrency.
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