Pyth Network is partnering with Revolut to contribute to both centralized and decentralized financial markets. The pair will distribute Pyth’s sophisticated price data through Revolut’s massive user base.
In doing so, the pair hope to provide new resources to DeFi and show CeFi institutions that Web3 investment can be cheap and profitable.
Pyth and Revolut Work to Transform Finance
According to the announcement, Revolut will now provide Pyth with data for over 500 markets, including commodities, foreign exchanges, and equities. Pyth Network is a decentralized oracle protocol that delivers real-time financial market data to blockchain applications, sourcing data directly from first-party providers like Revolut.
With this partnership, Pyth and the popular neobank are joining forces to contribute trusted price data to the DeFi ecosystem. This is something of a popular topic in crypto today; Ripple integrated Chainlink Standard to help with this yesterday.
Additionally, Pyth and Revolut claimed that their collaboration would straddle the line between DeFi and CeFi, providing benefits for both sectors. Revolut, for its part, is a relatively new player in the crypto market.
Most recently, the platform has targeted EU expansion under MiCA and attempted 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 Business Head of Crypto at Revolut.
Like Revolut, Pyth has also been integrating into the European market, partnering with VanEck to launch a PYTH-based ETN in November. Its PYTH token saw a brief high last summer but subsequently fell to all-time lows.
The generalized crypto bull market gave the altcoin a brief positive momentum, but this has since diminished.
Nonetheless, both Pyth and Revolut seem quite optimistic about this collaboration. The two hope to form a symbiotic relationship, as Pyth’s data will reach huge numbers of downstream dApps and other users.
At the same time, Revolut can deepen its connection to Web3 without investing much capital or substantially leaving its comfort zone.
In summary, these two companies hope to widely distribute a wealth of previously inaccessible knowledge, providing serious assistance to the Web3 ecosystem.
Hopefully, a success here will help generate good press, encouraging more CeFi institutions to make the jump into crypto.
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