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 high-fidelity, real-world data to blockchain applications.
The agreement will see Bybit help Pyth to 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 providing the best possible support for DeFi and the broader 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-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 equities, metals, FX, and of course crypto. It is quickly scaling across many layer one ecosystems, including Solana, Ethereum, Aptos, Binance, Avalanche, and more.
Pyth’s data feeds are critical for smart contracts to accurately assess the value of assets and execute trades, make payments or perform myriad other services. The data is also used by crypto analysts, portfolio managers, and other institutions requiring the most accurate information.
“We are excited to partner with Pyth and provide the blockchain community with the accurate, transparent data it needs 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 accessible to a limited set of institutions and users. This partnership marks an important contribution towards a more equitable and transparent future for financial services.”
Stephen Kaminsky from Jump Crypto, one of the leading contributors to Pyth, said: “In order 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 about 15 top crypto exchanges, so seeing Bybit 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 One’s reigning Constructors’ and Drivers’ champions, 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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For more information please visit: https://www.bybit.com/
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About the Pyth Network
The Pyth Network is a specialized oracle solution for latency-sensitive financial data that is typically kept behind the “walled gardens” of centralized institutions. Focused on finding a new and inexpensive way to bring this unique data on-chain and securely aggregate it, the 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