Revolut has aligned with Pyth Network as a data publisher to furnish dependable DeFi price feeds.
The collaboration links conventional finance and DeFi through blockchain technology.
Revolut caters to 45M clients worldwide, and its alliance with Pyth broadens its web3 financial ecosystem.
Revolut, a prominent digital banking service in the UK, has teamed up with the Pyth Network to become its latest data contributor.
This tactical initiative underlines the increasing intersection between traditional finance and decentralized finance (DeFi), as blockchain technology continues to gain momentum in the financial industry.
Revolut ventures into the web3 ecosystem
Regulated by the UK’s Financial Conduct Authority, Revolut is celebrated for its pioneering methods in banking and financial services. By joining the Pyth Network, a blockchain-centric oracle solution, Revolut will supply price information to enhance the dependability and security of decentralized applications (dApps).
This partnership signifies a noteworthy advancement in Revolut’s movement into the web3 ecosystem.
The Pyth Network, which consolidates price feeds from over 120 data sources and supports more than 450 dApps, intends to provide transparent and reliable data for DeFi initiatives.
Pyth’s collaboration with Revolut digital bank capitalizes on the bank’s extensive market knowledge to improve the precision of Pyth’s price feeds. This, consequently, bolsters the infrastructure for nascent financial applications, where dependable data is essential.
Mike Cahill, CEO of Duoro Labs and a contributor to the Pyth Network, highlighted the significance of connecting traditional and decentralized finance.
“We are experiencing a crucial juncture where established financial entities like Revolut identify the significance of digital assets and DeFi. Together, we are forging a future where transparent and secure data empowers the upcoming generation of financial advancements,” Cahill remarked.
Since its inception in 2015, Revolut has swiftly expanded to serve over 45 million customers across 200 nations, providing an extensive array of financial services. The collaboration with Pyth Network emphasizes Revolut’s dedication to embracing state-of-the-art technology to stay at the forefront of financial innovation.
As DeFi continues to progress, alliances like this are anticipated to be vital in cultivating trust and accessibility. By integrating with the Pyth Network, Revolut is not merely enriching DeFi ecosystems but also reinforcing its status as a frontrunner in the digital banking arena.
Be the first to comment