FTX to give crypto price to Pyth for network integration
According to the recent update, FTX Trading revealed the latest developments regarding the publication of cryptocurrency prices on Pyth Network. Pyth is a data distribution platform and DeFi Marketplace designed to retrieve real-world data on a sub-second time scale.
Pyth allows data providers like FTX to release on-chain market data on a sub-second time scale. Since April, FTX has been working closely with Pyth Network to verify the integration of price data provided by the cryptocurrency exchange into the network.
Sam Bankman-Fried, founder and CEO of FTX, said they are focusing on the long gap in the crypto market. This is also the main reason for FTX launch in May 2019. They aimed to be a robust, reliable and secure platform designed to meet the demands of institutional traders. He added that they were delighted to be working with Pyth Network. The network leverages the power of Solana and other leading blockchains to meet needs and improve high performance solutions.
The main focus of Pyth’s development was to release full streaming data by leveraging smart contracts on major blockchains like Salona. FTX has joined the growing list of companies supporting Pyth, making it the world’s most refined market participant providing real-time data.
Bankman added that this is an exciting and important improvement for the decentralized financial ecosystem. He looks forward to working with Pyth Network and wants to bridge the difference between traditional finance and the world of cryptocurrency.
FTX is a crypto-based exchange designed for traders and by traders, check out the in-depth FTX review here to learn more about the platform. It offers a prediction market for fresh produce, tokenized stocks and an OTC desk. The exchange has become one of the most esteemed cryptocurrency exchanges.
About the Pyth Network
Pyth Network is an Oracle solution dedicated to latency sensitive financial data and is typically reserved behind the “walled gardens” of centralized financial institutions.