Pyth Network and digital banking plaform Revolut are focused on enabling the future of mainstream finance.
As the boundaries between traditional and decentralized finance blur, Revolut—a global enabler of digital banking—has partnered with Pyth Network as a data publisher to contribute its “trusted price data” to the decentralized finance (DeFi) ecosystem.
With millions of users, Revolut has enhanced consumer finance by offering an array of services, from “international money transfers to cryptocurrency trading—all within a single platform.”
Launched in 2015 to challenge traditional banks, Revolut became a popular choice with its “fee-free, user-centric” financial services.
By joining Pyth Network as a publisher, Revolut brings its price data to the DeFi ecosystem, making this information “accessible to market participants.”
This partnership marks a shift as financial institutions from the banking world begin to harness Pyth’s oracle tech to improve transparency and reliability in digital asset markets, establishing Pyth as a “mainstream, universal solution trusted by both Web3 and institutional players.”
This partnership represents a turning point for the financial sector, as institutions and their user bases begin to engage with Pyth to help enhance the transparency and reliability of traditional and decentralized markets.
As a publisher for the Pyth oracle network, Revolut will contribute its digital asset price data to Pyth Price Feeds to secure the operations of downstream dApplications (dApps) and advance the growth of the Web3 capital markets.
Revolut’s market expertise and digital asset technologies enable them to help secure the crypto data offerings of Pyth Price Feeds, the most demanded asset feeds by application developers building the future of finance.
In turn, Pyth Network enables traditional and Web2 players like Revolut to safely expand their crypto and digital asset operations, “allowing them to explore and deepen their involvement in the Web3 space without, for example, committing capital or engaging in the complexities of active trading.”
By simply publishing its own price data to the Pyth oracle, Revolut is making a significant impact on the digital asset space and “helping pave the way for more transparent, fair, and accessible markets.”
Founded in 2015 by Nikolay Storonsky and Vlad Yatsenko, Revolut began as a solution to costly foreign exchange fees, “enabling users to transfer and spend money globally without hidden charges.”
Over time, it evolved into a financial super-app, offering “services like international transfers, cryptocurrency trading, stock investments, and travel insurance—all within a single platform.”
With over 45 million users across 200 countries, Revolut has transformed how individuals and businesses “engage with financial services, removing barriers that traditional banks once upheld.”
As Revolut integrates digital solutions, its partnership with Pyth Network becomes a natural progression, “further bridging the gap between traditional finance and decentralized finance as these worlds continue to converge.”
Mazen Eljundi, Global Business Head of Crypto at Revolut said:
“Our partnership with Pyth is an important milestone in Revolut’s journey to modernize finance. As DeFi continues to gain traction, Pyth’s position as the backbone of the industry will help Revolut capitalize on this transformation. By working with Pyth to provide our reliable market data to applications, Revolut can influence digital economies by ensuring developers and users have access to the precise, real-time information they need.”
Developers looking to modernize the way markets work need an answer to the oracle problem—bringing “off-chain data to the on-chain world trustlessly.”
With Pyth, developers enjoy access to the price data necessary for securely running smart contract applications, they and “benefit from ultra-low latency, high-fidelity price updates.”
Data speed and accuracy matter, and thanks to the financial institutions and banks, including Revolut, contributing their data to the Pyth oracle, builders can “access over 500 real-time feeds for digital and traditional assets.”
The involvement of established FIs signals a new era where traditional finance converges with decentralized finance “in performance, while DeFi continues to lead in accessibility.”