XR Trading to provide cryptocurrency pricing data for sophisticated asset pricing and consumption by smart contract
XR Trading, a leading proprietary trading firm in the global derivatives marketplace, announced that it will be contributing real-time crypto pricing data to the Pyth network, a decentralized financial market data distribution platform created to transform the way market data is used on the blockchain and establish greater efficiency in the markets. XR Trading will begin providing cryptoasset data with plans to expand into other asset classes in the future.
The Pyth network allows consumers to acquire aggregated market data and consume it directly from a blockchain. Data owners are able to contribute to this network via Solana, a blockchain appropriately suited to accommodate timely and effective receipt and distribution of fast-moving data. In addition to Solana, the Pyth network is a cross-chain project with compatibility across other leading blockchains to provide effective, interoperable solutions across blockchain protocols at their fastest block times.
“XR Trading’s desire to join the Pyth network demonstrates the long-term viability of what we’re developing and the potential the network could have on filling the longstanding gaps in our current financial marketplace,” said Michael Cahill, Head of Business Development, Digital Assets, EMEA, of Jump Trading Group. “We welcome XR Trading to the network and look forward to the continued support from the trading community.”
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“We are firm believers in the growth and potential of DeFi as well as the importance of strong oracle solutions like the Pyth network,” said Matt Haraburda, President of XR Trading. “We are eager to be joining the ranks of prominent peers and exchanges – both existing and forthcoming – as we build out this next gen oracle solution concurrently.”
