DUBAI, United Arab Emirates, Dec. 21, 2022 (GLOBE NEWSWIRE) — Bybit, the world’s third most visited crypto exchange, has partnered with Pyth, a decentralized oracle that delivers real-fidelity data to blockchain applications.
The deal will see Bybit help Pyth provide verifiable data to decentralized finance (DeFi) applications and the general public. Bybit will offer real-time prices for over 350 spot pairs listed on the exchange as part of the company’s commitment to best support DeFi and the wider crypto industry.
The data feed will come from Bybit’s high-performance API that pushes market data every 20 milliseconds and will be shared directly on the chain. In this way, Bybit will participate in the price discovery process for crypto assets across multiple blockchains.
The Pyth network supports nearly 150 symbols across stocks, metals, currencies and of course crypto. It scales rapidly across many tier one ecosystems including Solana, Ethereum, Aptos, Binance, Avalanche and more.
Pyth’s data streams are critical for smart contracts to accurately assess the value of assets and execute trades, make payments or perform countless other services. The data is also used by cryptanalysts, portfolio managers and other institutions that require the most accurate information.
“We are excited to partner with Pyth and provide the blockchain community with the accurate, transparent data they need to develop the next generation of financial products,” said Bill Xing, Head of Financial Products at Bybit. “Bybit is committed to democratizing financial markets by making available market data that was previously only available to a limited set of institutions and users. This partnership marks an important contribution to a fairer and more transparent future for financial services.”
Stephen Kaminsky of Jump Crypto, one of the lead contributors to Pyth, said: “For Pyth to become the leading oracle solution for digital assets, it requires data from all the leading crypto exchanges. The community already consists of around 15 top crypto exchanges, so see Bybit’s inclusion on this list, while not surprising, is an incredibly powerful aid to the continued robustness and strength of the network.”
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About Bybit
Bybit is a cryptocurrency exchange established in 2018 that offers a professional platform where crypto traders can find an ultra-fast matching engine, excellent customer service and multilingual community support. Bybit is a proud partner of Formula 1’s reigning constructors’ and drivers’ champions, the Oracle Red Bull Racing team, esports teams NAVI, Astralis, Alliance, Made in Brazil (MIBR), City Esports and Oracle Red Bull Racing Esports, and association football (soccer ) team Borussia Dortmund.
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About Pyth Network
The Pyth Network is a specialized oracle solution for latency-sensitive financial data typically kept behind the “walled gardens” of centralized institutions. Focused on finding a new and affordable way to bring this unique data on-chain and securely aggregate it, Pyth Network is an innovator in the crypto data space.
For more information about the Pyth Network, please visit pyth.network and follow all things Pyth here: Pyth Communication Channels – Twitter, Discord, Telegram, Linkedin, Medium
