Revolut Partners with Pyth Network to Revolutionize Digital Asset Data Integration

Revolut and Pyth Network: A New Era for Digital Asset Data

In an exciting development for the decentralized finance (DeFi) sector, Revolut, a major player in the digital banking space, has announced its partnership with Pyth Network. This collaboration aims to integrate Revolut's digital asset price data into Pyth Price Feeds, enhancing the world of decentralized applications (dApps) with reliable market insights.

With Revolut boasting over 45 million users spread across 200 countries, incorporating its digital asset data will significantly benefit DeFi developers who rely on high-quality market quotes and trade data. The integration is designed to empower developers and give users access to real-time information, fostering the growth of the decentralized finance ecosystem.

Mazen Eljundi, the Global Business Head of Crypto at Revolut, underscored the importance of this partnership. "Our partnership with Pyth is an essential milestone in Revolut's journey to modernize finance. As DeFi continues to gain traction, Pyth's backbone support will help Revolut capitalize on this transformation," he stated. By utilizing Pyth's infrastructure, Revolut aims to influence digital economies by providing developers and users with precise, real-time data necessary for their applications.

Part of Pyth's unique value proposition is its ability to secure the operation of numerous downstream dApps. In December alone, Pyth reported more than $15.2 billion in Total Value Secured, demonstrating the increasing reliance on its data by various applications in the DeFi sphere. Revolut's role in contributing its proprietary digital asset price data will further enhance the credibility and reliability of the information available within the Pyth oracle network.

This partnership is also apt in light of Revolut's strategic moves within the crypto space, particularly its expansion of the Revolut X exchange throughout the European Economic Area. By aligning itself with the Pyth Network, Revolut is effectively bridging the gap between traditional finance and decentralized finance, further embracing the transformation within the financial landscape.

Michael Cahill, CEO and Co-Founder of Douro Labs, a core contributor to the Pyth Network, echoed the sentiment. He noted, "Pyth's collaboration with Revolut is indicative of a larger trend where traditional banking institutions are beginning to appreciate the potential that digital assets present. Together, we are steering the future of finance, where transparent and trustworthy data is a foundation for next-gen financial applications."

As part of the partnership, DeFi developers now have access to over 500 real-time feeds for digital and traditional assets. This wide-ranging access is particularly critical given that dApps leveraging Pyth Price Feeds accounted for more than $1 trillion in Total Traded Volume during the previous year, highlighting the substantial impact of accurate data on market performance.

Pyth Network stands out as a decentralized data infrastructure that serves as a public oracle for real-time asset price data. It delivers over 500 low-latency price feeds encompassing digital assets, foreign exchange (FX), exchange-traded funds (ETFs), equities, and commodities, seamlessly integrating with more than 80 blockchain ecosystems. These capabilities empower DeFi builders to create applications that rival traditional financial apps in both speed and efficiency.

Supported by top-tier financial institutions such as Cboe, Revolut, Two Sigma, and Virtu Financial, Pyth presents an unrivaled opportunity for data providers. They can securely monetize their quote and trading data while actively participating in the evolution of the digital asset landscape. The decentralized architecture of Pyth ensures data integrity, security, and transparency, facilitating nearly a trillion dollars in total transaction volume across significant blockchains and countless applications.

For those looking to explore more about this initiative and the power of integrated market data in the finance world, additional information can be found at Pyth Network's official website. This partnership between Revolut and Pyth Network marks not just a milestone for both entities, but a significant step forward in the ever-evolving journey of finance towards decentralization.