Largest cryptocurrency platform in Latin America will initially price core crypto assets with plans to expand into FX and equities
Bitso, the largest cryptocurrency platform in Latin America with over 2.5 million users, today announced that it has begun publishing cryptocurrency prices to the Pyth Network, a decentralized financial market data distribution platform designed to bring real-world data on-chain on a sub-second timescale.
Further improvements in decentralized finance (DeFi) require high-fidelity, time-sensitive, real-world data, which requires unlocking data that’s typically kept behind the “walled gardens’’ of centralized institutions. The Pyth network leverages the fast-moving Solana blockchain to solve this problem by publishing pricing data directly on the blockchain to establish greater transparency, security, fairness, and efficiency in the markets.
“We are excited about Bitso’s addition to the Pyth network as we continue to build the next generation oracle solution that will transform the way market data is used on the blockchain,” said Michael Cahill, Head of Business Development, Digital Assets, EMEA, of Jump Trading Group. “As the largest platform in Latin America, Bitso’s wide reach across this important and crypto-friendly market will allow the Pyth Network to offer robust crypto pricing data with potential to expand into FX or equities down the line.”
“We are elated about the growth of DeFi and crypto that we’ve witnessed this year alone as people in Latin America are utilizing this technology in their everyday lives,” said Eduardo Arenas, Director of Bitso Alpha. “Joining the Pyth network allows us to help DeFi and the crypto ecosystem continue to expand and flourish, and we look forward to our role in bridging the gap between legacy finance and the blockchain.”