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DeFi and digital banks: Revolut integrates Pyth Network
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THE Revolut digital bank formalized its entry into the decentralized finance (DeFi) ecosystem by announcing a partnership with Pyth Networkbecoming the first bank to integrate the protocol.
With the collaboration, Revolut will provide essential pricing data, making it easier to define the value of cryptocurrencies. The new will benefit 50 million users and improve trading accuracy for investors and market operators.
According to the official statement, released on January 8, Revolut will contribute price data to the decentralized finance (DeFi) ecosystem. With this, the Pyth network adds the first digital bank to its oracle network.
One of the biggest challenges of the rising decentralized finance market is the pricing of tokens. THE Volatility and price variation across different platforms make it difficult to determine a fair value for assets.
Revolut + Pyth
Therefore, services like those offered by Pyth Network are essential for investors and market operators to discover the real value of the traded token.
Price setting on the network is carried out through an oracle system, in which partners, usually cryptocurrency exchanges, send trading data in real time. By collecting and compiling this information, the Pyth protocol is able to establish a fair value for the token, simplifying the operation for users.
The dynamics can improve even further with the integration of DeFi services into the traditional financial system.
The entry of a digital bank with 50 million users is a big step in this union. Among Revolut bank’s services is cryptocurrency trading. With integration into the Pyth network, both bank users and network customers will benefit.
On the side of the bank’s customers, they will have access to cryptocurrencies with prices updated in real time. Meanwhile, Pyth network customers will be able to rely on the database of one of the largest digital banks in the world to establish the price of assets being traded. Mazen Eljundi, global head of cryptocurrency business at Revolut, commented:
Present in 200 countries, Revolut joins Binance, Bybit, Coinshares, Galaxy Holdings and other Web3 players who have been working to remove barriers established by traditional banks. With the help of the data presented by Pyth Network, Revolut will be able to expand its cryptocurrency and digital asset operations more safely and quickly.
DeFi and digital banks: Revolut integrates Pyth Network
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DeFi and digital banks: Revolut integrates Pyth Network
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DeFi and digital banks: Revolut integrates Pyth Network
