As per the recent update, FTX Trading has revealed the latest development about their cryptocurrency price publishing on Pyth Network. Pyth is a data distribution platform and DeFi market designed to fetch real-world data on a sub-second timescale.
Pyth enables data providers such as FTX to publish market data on-chain on a sub-second timescale. Since April, FTX has closely worked with Pyth Network to check the integration of price data provided by the cryptocurrency exchange into the network.
Sam Bankman-Fried, Founder and CEO of FTX, said they are focused on meeting the long gap in the crypto marketplace. This is also the primary reason behind launching FTX in May 2019. They aimed to be a robust, reliable, secure platform fashioned to meet the demands of institutional traders. He added that they are thrilled to work with Pyth Network. The network is leveraging Solana’s power and other prominent blockchains to meet the needs and enhance high-performing solutions.
The primary objective behind developing Pyth was to publish complete streaming data by taking advantage of the smart contracts on leading blockchains like Salona. FTX has joined the advancing list of companies supporting Pyth, making it the world’s most refined market participant that provides 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 fill the difference between traditional finance and the cryptocurrency world.
FTX is a crypto-based exchange built for traders and by traders. It offers fresh products prediction market, tokenized stocks, and an OTC desk. The exchange has grown to one of the most esteemed cryptocurrency exchanges.
About Pyth Network
Pyth Network is a dedicated oracle solution for latency-sensitive financial data and is typically reserved behind the centralized financial institutions’ “walled gardens”.