Bybit, the world’s third most visited crypto exchange, has partnered with Pyth, a decentralized oracle that delivers high-fidelity, real-world data to blockchain applications.
The agreement will see Bybit help Pyth to provide verifiable data to decentralized finance (DeFi) applications and the general public. Bybit will offer real-time prices for over 350 spot pairs listed on the exchange as part of the company’s commitment to providing the best possible support for DeFi and the broader crypto industry.
The data feed will come from Bybit’s high-performance API that pushes market data every 20 milliseconds and will be shared directly on-chain.In this way, Bybit will participate in the price discovery process for crypto assets across multiple blockchains.
Latest Fintech News: Globe Invest Hub Now Supports Deposits with Selected Cryptos
The Pyth network supports nearly 150 symbols across equities, metals, FX, and of course crypto. It is quickly scaling across many layer one ecosystems, including Solana, Ethereum, Aptos, Binance, Avalanche, and more.
Pyth’s data feeds are critical for smart contracts to accurately assess the value of assets and execute trades, make payments or perform myriad other services. The data is also used by crypto analysts, portfolio managers, and other institutions requiring the most accurate information.
Latest Fintech News: BitNile Holdings Plans to Change Name to Ault Alliance
“We are excited to partner with Pyth and provide the blockchain community with the accurate, transparent data it needs to develop the next generation of financial products,” said Bill Xing, head of financial products at Bybit. “Bybit is committed to democratizing financial markets by making available market data that was previously only accessible to a limited set of institutions and users. This partnership marks an important contribution towards a more equitable and transparent future for financial services.”
Stephen Kaminsky from Jump Crypto, one of the leading contributors to Pyth, said: “In order for Pyth to become the leading oracle solution for digital assets, it requires data from all the leading crypto exchanges. The community already consists of about 15 top crypto exchanges, so seeing Bybit on this list, while not surprising, is an incredibly powerful aid to the continued robustness and strength of the network.”
Latest Fintech News: Cogni Launches Multi-Chain Wallet To Integrate Web3 Into Web2 Offerings
[To share your insights with us, please write to sghosh@martechseries.com]
