Pyth Network Partners with Revolut to Bridge CeFi and DeFi Markets

Fintech company Revolut has partnered with Pyth Network to integrate the latter’s price data into its platform.

The partnership will see Pyth’s price data, sourced from top-tier financial institutions, made available to Revolut’s vast user base.

In turn, Revolut will provide Pyth with data from over 500 markets, including commodities, forex, and equities.

Pyth Network is a decentralized oracle protocol that provides blockchain applications with real-time financial market data.

The protocol sources its information directly from a network of tier-1 providers, including banks, market makers, exchanges, and data vendors.

This partnership marks a significant effort to bring reliable and accurate price data to the DeFi ecosystem, fulfilling a pressing need in the rapidly evolving crypto space.

With this partnership, Revolut aims to enhance its presence in both centralized and decentralized finance (CeFi and DeFi) markets.

The collaboration will provide new resources for DeFi and demonstrate to CeFi institutions the potential benefits of Web3 investments in terms of cost efficiency and profitability.

Highlighting the importance of this partnership in Revolut’s mission to modernize finance, Mazen Eljundi, Global Head of Crypto at Revolut, stated:

“As DeFi continues to grow, so does Pyth’s role as a foundational element of the industry, positioning Revolut to benefit from this transformation.

This partnership will enable us to further engage with Web3 innovations while maintaining our operational framework.”

Both Pyth and Revolut have been actively pursuing integration into the European market.

In November, Pyth collaborated with VanEck to launch a PYTH-based exchange-traded note (ETN).

The PYTH token experienced a temporary surge during the general crypto bull market last summer; however, it has since declined to lower levels.

Despite the varying fortunes of the PYTH token, both companies remain optimistic about their collaboration.

They anticipate a mutually beneficial relationship, wherein Pyth’s data will reach a broad range of decentralized applications (dApps) and end-users.

Simultaneously, Revolut can strengthen its connection to the Web3 ecosystem without requiring substantial capital investments or deviating from its core business model.

This partnership ultimately aims to provide valuable and previously inaccessible data to the Web3 ecosystem, offering robust support.

By making high-quality financial data readily available, this collaboration hopes to foster innovation and encourage more CeFi institutions to explore opportunities within the crypto space.

Success in this initiative could generate positive momentum for the broader adoption of blockchain technologies, further diminishing the boundaries between traditional finance and the decentralized world.