UK digital banking giant Revolut becomes a Pyth Network data publisher – Crypto News – Crypto News
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UK digital banking giant Revolut becomes a Pyth Network data publisher UK digital banking giant Revolut becomes a Pyth Network data publisher

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UK digital banking giant Revolut becomes a Pyth Network data publisher – Crypto News

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1 year ago

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  • Revolut has joined Pyth Network as a data publisher to support reliable DeFi price feeds.
  • The partnership bridges traditional finance and DeFi using blockchain technology.
  • Revolut serves 45M users globally and its partnership with Pyth expands its web3 financial ecosystem.

Revolut, a leading digital banking platform in the UK, has partnered with the Pyth Network to become its latest data publisher.

This strategic move highlights the growing convergence between traditional finance and decentralized finance (DeFi), as blockchain technology gains traction across the financial sector.

Revolut expanding into the web3 ecosystem

Revolut, regulated by the UK’s Financial Conduct Authority, is renowned for its innovative approach to banking and financial services. By joining the Pyth Network, a blockchain-based oracle solution, Revolut will provide price data to bolster the reliability and security of decentralized applications (dApps).

The collaboration marks a significant step in Revolut’s expansion into the web3 ecosystem.

The Pyth Network, which integrates price feeds from over 120 data providers and supports more than 450 dApps, aims to deliver transparent and dependable data for DeFi projects.

Pyth’s partnership with Revolut digital bank leverages the bank’s extensive market expertise to enhance the accuracy of Pyth’s price feeds. This, in turn, strengthens the infrastructure for emerging financial applications, where reliable data is critical.

Mike Cahill, CEO of Duoro Labs and a Pyth Network contributor, emphasized the importance of bridging traditional and decentralized finance.

“We are witnessing a pivotal moment where established financial institutions like Revolut recognize the value of digital assets and DeFi. Together, we are shaping a future where transparent and secure data empowers the next generation of financial innovations,” Cahill stated.

Since its launch in 2015, Revolut has rapidly grown to serve over 45 million users across 200 countries, offering a wide range of financial services. The partnership with Pyth Network underscores Revolut’s commitment to adopting cutting-edge technology to remain at the forefront of financial innovation.

As DeFi continues to evolve, partnerships like this are expected to play a crucial role in fostering trust and accessibility. By integrating with the Pyth Network, Revolut is not only enhancing DeFi ecosystems but also reinforcing its position as a leader in the digital banking space.

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