Digital banking giant Revolut joins Pyth Network

UK-based digital banking giant Revolut has become the latest company to join Pyth Network as a data publisher.

The partnership between the Financial Conduct Authority-regulated neobank and the Pyth Network (PYTH) means Revolut will now benefit from the growing decentralized finance ecosystem by contributing price data to the blockchain-based oracle network.

Revolut’s integration with Pyth comes as the gap between traditional finance and DeFi continues to narrow.

This trend has gained momentum with the increasing adoption of blockchain technology in financial technology and related ecosystems. Pyth Network’s oracle solution plays a key role in this evolution, which the platform aims to expand alongside industry giant Chainlink (LINK). Both Oracle networks aim to provide improved transparency and reliability to web3 users and institutions.

Mike Cahill, CEO of Duoro Labs and a Pyth Network contributor, emphasized that digital assets and DeFi are increasingly recognized in traditional finance.

“Pyth’s collaboration with Revolut is part of a larger trend we are seeing where the traditional banking institutions trusted by millions of customers around the world are realizing the value of decentralized finance and digital assets. “Together, we are driving the future of finance, where transparent and reliable data powers the next generation of financial applications.”

As a data publisher on the Pyth Network, Revolut will contribute to Pyth’s price feeds, improving the security and reliability of decentralized applications. In turn, Pyth will leverage Revolut’s market expertise to provide accurate and reliable price feeds to dApps. For Revolut, this partnership marks an important step towards expanding its presence in the web3 space.

Launched in 2015, Revolut has reached more than 45 million users and offers its services in 200 countries. Meanwhile, the Pyth Network continues to expand with 120+ data providers, 590+ price feeds, and 450 dApp integrations.