Pyth Network is teaming up with Revolut to seamlessly integrate centralized and decentralized finance. By leveraging Revolut's expansive user base, the collaboration aims to distribute Pyth's advanced price data across diverse market segments.
Pyth and Revolut are set to enhance resources for decentralized finance (DeFi) and demonstrate to centralized finance (CeFi) institutions the potential profitability and cost-effectiveness of Web3 investments.
Revolut, as revealed in the announcement, will provide Pyth with insights into over 500 markets, spanning commodities, foreign exchanges, and equities. As a decentralized oracle protocol, Pyth Network supplies real-time market data to blockchain applications by sourcing information from providers like Revolut. This collaboration establishes trusted price data for the DeFi ecosystem, mirroring recent moves like Ripple's integration with Chainlink.
Furthermore, both entities have stated that their partnership seeks to blur the lines between DeFi and CeFi, delivering mutual advantages. Revolut has been proactively extending its reach within the EU under MiCA and has recently focused on challenging Tether's stablecoin dominance.
"This collaboration with Pyth signifies a crucial milestone in Revolut's ambition to modernize finance. As DeFi gains momentum, Pyth's foundational role in this landscape positions Revolut to harness the ongoing transformation," stated Mazen Eljundi, Global Business Head of Crypto at Revolut.
Mirror-like to Revolut, Pyth has made strides in the European market, linking with VanEck to introduce a PYTH-based ETN in November. The PYTH token experienced a fleeting peak last summer before declining to record lows amidst the broader crypto bull market.
Notably, both Pyth and Revolut are optimistic about the potential of their collaboration. The alliance seeks to form a symbiotic relationship, with Pyth's data facilitating access for numerous downstream decentralized applications. Concurrently, Revolut capitalizes on Web3 integration, minimizing financial risk while maintaining its operational foundation.