This week, Pyth Network announced that fintech Revolut was joining its oracle network as a data publisher. What will this collaboration consist of?
Pyth Network signs collaboration with Revolut
With over $7.45 billion in total value secured according to DefiLlama data, Pyth Network positions itself as the 3rd largest oracle in decentralized finance (DeFi)with 11.35% market share. This week, the oracle struck a blow, by announcing a partnership with Revolut.
While the famous fintech has more than 45 million users in 200 countries around the world, this is a major merger for Pyth Network.
Thus, this collaboration will lead Revolut to provide its digital asset financial data to Pyth Network, and this can then be used within DeFi by decentralized application (dApp) developers.
🔮 What is an oracle in the blockchain world?
For Mazen Eljundi, global crypto sales manager at Revolut, this merger with Pyth will capitalize on the rise of decentralized finance (DeFi):
By working with Pyth to deliver our trusted market data to apps, Revolut can impact digital economies by ensuring developers and users have access to the accurate, real-time information they need.
Revolut: more than 90 cryptos available from 1€
To date, Pyth Network has over 110 data publishers within its networkwith names such as Binance, Cboe, Jane Street or Jump Trading.
According to Mike Cahill, CEO of Douro Labs and Pyth Network contributor, this new partnership comes at a time when banking institutions are increasingly turning to DeFi:
Pyth's collaboration with Revolut is part of a broader trend we are seeing, where traditional banking institutions, trusted by millions of customers around the world, are recognizing the value of decentralized finance and digital assets.
👉 Also in the news — Bitpanda becomes the new crypto partner of Paris Saint-Germain
While this partnership currently only concerns price data relating to cryptocurrencies, it will be interesting to see the use cases that could develop in the future on dApps, if this collaboration extends to the future to more financial products.
At the same time as writing these lines, the PYTH token is trading at $0.33 for a capitalization of $1.2 billion, up 1.47% over 24 hours.
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Source: Pyth Network
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Since 2021, I have devoted my free time to seriously educating myself on cryptocurrencies in order to acquire maximum knowledge and credibility. I often have the opportunity to conduct interviews with influential figures in the blockchain industry. I also conduct in-depth analyzes on Web3 themes to offer exclusive content to Cryptoast readers.
Vincent Maire
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