Leading digital asset investment firm joins network of industry peers to build an on-chain data oracle network optimized for trading and capital markets
CoinShares International Limited, Europe’s largest digital asset investment platform announced that it will be contributing real-time crypto pricing data to the Pyth network, a decentralized financial market data distribution platform for aggregated data.
The Pyth network is built on Solana, a blockchain protocol well-suited for timely and effective receipt and distribution of market data used in high frequency trading operations and environments where trust, accuracy, and speed are critical to performance. CoinShares participated in the Solana token sale in Q2 2021 and is evaluating opportunities to migrate core trading and capital markets infrastructure onto the Solana network. By participating in this network, CoinShares is able to contribute its market data directly to the Pyth network where consumers of data can stream it directly from the blockchain, in real time and with a high degree of confidence rather than depending on intermediaries. or third-party aggregators.
Jean-Marie Mognetti, Chief Executive Officer of CoinShares, commented, “Since launching the world’s first crypto exchange traded product (ETP) in 2015, enabling effective price discovery has been a key focus for CoinShares. A number of regulators have even cited the perceived lack of transparency related to crypto markets and pricing as a core reason to deny retail access to crypto ETPs and ETFs. Pyth network was an obvious partnership for us, as we continue to execute on our vision to unlock more transparency and establish trust in the broader crypto ecosystem using the underlying blockchain protocol to provide verifiable , trusted, real-time data to market participants.”
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CoinShares trades billions of dollars in digital assets per quarter and manages over US$3B in assets across multiple asset management platforms for investors in Europe, North America, and Asia.1 The Company has built its financial technology platform and capital markets infrastructure to enable institutions and individuals’ digital asset exposure by bridging centralized and decentralized finance. CoinShares continues to explore ways of upgrading its market infrastructure through strategic investments by adding new features including staking, yield generation and exposure to new protocols and networks for a wide range of market participants. The Company’s participation in Pyth network is another step towards this broader vision on global markets migrating on-chain to be digitized, interconnected, and operating 24/7/365 in the metaverse.
“As a thought leader in the broader crypto ecosystem with a track record for spearheading innovative solutions for investors, we are grateful for CoinShares’ support and membership in the Pyth network,” said Kanav Kariya, Director of Strategic Initiatives, Digital Assets, at Jump Trading Group. “We believe DeFi will continue to scale and are eager to spur its acceleration through this partnership and many more to come.”
