Pyth Network (“Pyth”), the decentralized data infrastructure designed to power the next generation of financial applications, today announced that it has partnered with, Revolut, a global leader in digital banking, to integrate its digital asset price data into Pyth Price Feeds as a data publisher.
This will allow decentralized finance (“DeFi”) developers to incorporate high quality digital asset quote and trade data from a digital banking platform with over 45 million users across 200 countries into their decentralized applications (dApps).
Mazen Eljundi, Global Business Head of Crypto at Revolut, commented on the integration, “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. By working with Pyth to provide our reliable market data to applications, Revolut can influence digital economies by ensuring developers and users have access to the precise, real-time information they need.”
As a publisher for the Pyth oracle network, Revolut will contribute its proprietary digital asset price data to Pyth Price Feeds in order to secure the operations of hundreds of downstream dApps - with more than $15.2B in Total Value Secured by Pyth in the month of December. As Revolut continues building out its crypto offerings, including the recent expansion of its Revolut X exchange across the European Economic Area, its partnership with Pyth Network is a natural progression, further bridging the gap between traditional finance and DeFi.
Michael Cahill, CEO and Co-Founder of Douro Labs, core contributor to the Pyth Network, added, “Pyth’s collaboration with Revolut is part of a larger trend we’re seeing, where traditional banking institutions, trusted by millions of customers globally, are recognizing the value of decentralized finance and digital assets. Together, we are driving the future of finance, where transparent and reliable data empowers the next generation of financial applications.”
As a result of these partnerships with financial institutions and banks, including Revolut, to contribute digital asset market data to the Pyth oracle, DeFi developers can now access over 500 real-time feeds for digital and traditional assets. With dApps currently leveraging Pyth Price Feeds responsible for more than $1T in Total Traded Volume during 2024.