Virtu Financial Joins Pyth Network
Virtu Financial, a leading global provider of financial services and products that leverages cutting edge technology to deliver innovative, transparent trading solutions to our clients and liquidity to the global markets, announced that it has joined the Pyth Network (“the Network”), a decentralized financial market data distribution platform. Virtu will contribute its unique financial market data across equities, FX, futures, and cryptocurrencies for consumption by smart contracts using the Solana blockchain and other major blockchains.
Quietly all of the largest trading firms are teaming up to usurp the big exchanges – NYSE/Nasdaq – massive control over market data. And they’re doing it with crypto (Solana specifically) https://t.co/IN8hWSu5Ue
— Frank Chaparro (@fintechfrank) June 24, 2021
The commitment from Virtu adds to a growing list of firms supporting the Pyth Network as the world’s most sophisticated market participants seek better ways to distribute precise, real-time market data using high performance blockchains.
Douglas Cifu, CEO of Virtu Financial said, “We are excited to join this promising network that we hope will transform the way pricing market data is used on the blockchain. With growing support from the trading community, we believe the Pyth Network will become an integral piece of infrastructure in the quickly evolving DeFi ecosystem, enabling new market participants and more efficient markets.”
This is so big. @jumptrading + @VirtuFinancial + GTS + @LMAX puts a MASSIVE amount of market data into @PythNetwork. The market share of these trading firms is huge. And there is more to come… https://t.co/dHYTuOYtP6
— Peter Johns◎n (@TheChicagoVC) June 24, 2021
The Pyth Network enables data owners to contribute their data on-chain and in a sub-second timescale. The network is built on Solana, a fast blockchain well-suited for timely and cost and energy efficient receipt and distribution of fast-moving data. The Pyth Network also plans to publish high fidelity, streaming, and readily accessible market data through all other major blockchains at their fastest block times.
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