ECNETNews reports that Revolut, the U.K.-based digital banking leader, has joined the Pyth Network as a data publisher.
This collaboration with the Financial Conduct Authority-regulated neobank enables Revolut to contribute its price data to the blockchain-based oracle network, enhancing the capabilities of the expanding decentralized finance (DeFi) ecosystem.
As Revolut integrates with Pyth, the ongoing convergence between traditional finance and DeFi becomes increasingly evident.
This movement is gaining momentum alongside the growing adoption of blockchain technology within finance and related sectors. Pyth Network’s oracle solution plays a vital role in this transformation, aiming to grow alongside major oracle network contenders. Both networks focus on providing web3 users and institutions with improved transparency and reliability.
“Pyth’s collaboration with Revolut reflects a broader trend where traditional banking institutions embrace the potential of decentralized finance and digital assets. Together, we are shaping the future of finance, where transparent and trustworthy data empowers the next generation of financial applications,” stated a key figure in the partnership.
By becoming a data publisher on the Pyth Network, Revolut will fortify Pyth’s price feeds, ensuring enhanced security and reliability for decentralized applications. In return, Pyth will utilize Revolut’s market expertise to deliver accurate price feeds to decentralized applications, marking a significant advancement in Revolut’s presence in the web3 sector.
Since its launch in 2015, Revolut has expanded its user base to over 45 million and operates in 200 countries. Meanwhile, the Pyth Network continues to grow, boasting more than 120 data providers, over 590 price feeds, and integration with 450 decentralized applications.
