Revolut, a prominent fintech startup with over 45 million global customers, has partnered with Pyth Network, a decentralized data platform, to provide real-time market data to decentralized finance (DeFi) applications. This cooperation establishes Revolut as the first banking institution to serve as a data provider on the Pyth Network, a crucial step toward merging traditional finance (TradFi) and Web3 technology.
As part of the agreement, Revolut will add its own digital asset price data to Pyth’s price feeds. This data interface allows DeFi developers to add accurate, real-time market data to their decentralized apps (dApps), improving functionality and stability.
Mazen Eljundi, Revolut’s Global Business Head of Crypto, stressed the significance of this collaboration, saying, “By collaborating with Pyth, we aim to provide precise, real-time information to developers and users, influencing digital economies and driving innovation in financial applications.”
Pyth Network, which covers more than 80 blockchain ecosystems, provides low-latency data on cryptocurrencies, equities, foreign currency, and commodities. This integration gives DeFi developers access to over 500 real-time pricing feeds, addressing the growing demand for transparent and accurate data in decentralized apps. In 2024 alone, dApps that used Pyth’s infrastructure facilitated more than $1 trillion in transaction volume.
Michael Cahill, CEO of Douro Labs and a key contributor to Pyth, discussed the partnership’s broader ramifications. “This relationship exemplifies a growing trend in which traditional banking institutions understand the value of DeFi. “Together, we are shaping the future of finance with reliable data that enables next-generation applications,” Cahill stated.
Revolut’s decision is consistent with its overall objective to broaden its cryptocurrency services. In recent years, the company has introduced Revolut X, a cryptocurrency trading platform, within the European Economic Area and obtained a UK banking license. These efforts show Revolut’s dedication to revolutionizing finance and closing the gap between traditional and decentralized financial systems.
Partnerships such as this one facilitate the smooth integration of TradFi with blockchain technology, leading to a more integrated and efficient global financial environment as DeFi progresses.
