Crypto-friendly fintech company Revolut has become the first bank data publisher to join the Pyth Network – a provider of real-time market data for onchain applications.
Revolut, which has over 45 million users in 200 countries, will integrate its digital asset prices and trade data into Pyth’s price feeds, enabling DeFi developers to incorporate it into their decentralized applications.
“Our partnership with Pyth is an important milestone in Revolut’s journey to modernize finance,” said Revolut Global Business Head of Crypto Mazen Eljundi. “By working with Pyth to provide our trusted market data to applications, Revolut can impact digital economies by ensuring developers and users have access to the accurate real-time information they need.”
As a publisher of the Pyth oracle network, the digital banking platform will help secure the operations of hundreds of dapps, which can now access over 500 real-time feeds of digital and traditional assets, responsible for more than $1 trillion in total traded volume in 2024 , according to a statement shared with The Block.
Other Pyth data publishers include Amber Group, Binance, Bitstamp, Bybit, Cboe, Cumberland DRW, Galaxy Digital, Gemini, Jane Street, OKX, Raydium and Wintermute.
“Pyth’s partnership with Revolut is part of a larger trend we’re seeing where traditional banking institutions, trusted by millions of customers globally, are realizing the value of decentralized finance and digital assets,” Michael Cahill, CEO and co-founder of Douro Labs, a core contributor to the Pyth Network, said. “Together, we’re driving the future of finance, where transparent and trusted data powers the next generation of financial applications.”
Originally designed for the Solana blockchain, the Pyth Network now operates across more than 80 blockchain ecosystems, including Ethereum, Optimism, Arbitrum, Base, Avalanche, Aptos, and Sui, providing real-time market data for cryptocurrencies, stocks, currency, and commodities.
Revolut’s expanding crypto initiative
In May 2024, the fintech company launched a standalone crypto trading platform, Revolut X, in the UK, then expands to 30 European countries in November. In September, Revolut was also reported to be is about to launch its own stablecoin.
Revolution secured a banking license from the UK’s Prudential Regulation Authority in July 2024, following a three-year application process. Obtaining a UK banking license is notoriously difficult due to the stringent regulatory and compliance requirements imposed by both the PRA and the Financial Conduct Authority.
For decades, the UK banking sector was dominated by large, established institutions, with no new banking licenses granted until Metro Bank in 2010. The Bank of Dave campaign following the 2008 financial crisis highlighted the challenges of entering the sector and subsequent reforms helped pave the way for several others new banks, including Monzo and Starling, which disrupted the market.
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