The Pyth Network has welcomed Revolut, a digital banking giant headquartered in the United Kingdom, as its most recent data publisher.
As a result of the agreement between Pyth Network and the Financial Conduct Authority-regulated neobank, Revolut will now donate its pricing data to the blockchain-based oracle network, which will be of use to the expanding ecosystem of decentralized finance.
This combination between Revolut and Pyth comes at a time when the distance between conventional banking and decentralized finance is continuing to close.
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This trend has gained pace in the midst of the growing use of blockchain technology throughout the financial technology ecosystem and other relevant ecosystems.
During this development, the oracle solution provided by the Pyth Network plays a significant role.
This is because the platform is attempting to grow alongside the industry behemoth Chainlink.
The purpose of both oracle networks is to improve the level of transparency and dependability that web3 users and institutions have access to.
By highlighting the rising acknowledgment of digital assets and decentralized finance inside conventional banking, Mike Cahill, chief executive officer of Duoro Labs and a contributor to the Pyth Network, brought attention to the situation.
In its capacity as a data publisher on the Pyth Network, Revolut will make contributions to Pyth’s pricing feeds, therefore boosting the dependability and safety of decentralized apps.
Pyth will, in turn, make use of Revolut’s market experience in order to provide decentralized applications with price feeds that are reliable and accurate.
A important move toward growing Revolut’s footprint in the web3 area, the agreement represents a big milestone for the company.
Since its inception in 2015, Revolut has expanded to include more than 45 million customers and is now available in countries all over the world.
In the meanwhile, the Pyth Network is continuing on with its expansion, which now includes more than 120 data sources, more than 590 pricing feeds, and connectivity with 450 decentralized applications.