Pyth, a decentralized data infrastructure provider, has teamed up with fintech banking company Revolut to integrate digital banking data into decentralized finance (DeFi).
Revolut will publish its digital asset price data on Pyth Price Feeds, enabling DeFi developers to incorporate asset “quote and trade data,” according to a news release.
In return, Revolut will contribute its proprietary digital asset price data to Pyth Price Feeds to support the secure operation of Pyth’s decentralized applications (DApps).
In an exclusive interview with Cointelegraph, Mike Cahill, CEO of Douro Labs and core contributor to the Pyth network, said the partnership is “proof that the lines between traditional finance and Web3 are disappearing once and for all.”
Integration signals broader TradFi and DeFi collaboration
Revolut’s integration with the Pyth network highlights the growing connection between traditional finance (TradFi) and DeFi, which Cahill said will “create the foundation for a truly global financial market.”
Through the partnership, DeFi developers gain access to over 500 real-time feeds across digital assets, foreign exchange, equities and commodities. These feeds support DApps, which reportedly handled over $1 trillion in total traded volume in 2024, according to data from Pyth.
The partnership comes as Revolut expands its crypto offerings, including its Revolut X platform, across the European Economic Area. Revolut described the collaboration as a “natural progression” in a company statement.
Pyth cumulative traded volume in 2024. Source: Pyth
Pyth vs. Chainlink
While comparisons between price feed data providers can often arise, Cahill emphasized the team’s focus on broader goals over direct competition.
“Pyth flipped Chainlink in [Total Transaction Volume] a long time ago, and honestly, we haven’t thought about them since,” Cahill said.
“Our goal for the Pyth Network isn’t just about being the top oracle. Our mission is to accelerate the pace at which DeFi can overtake TradFi and empower developers to build DApps that can compete with apps.”
Cahill also highlighted the importance of transparency and price reliability in an interconnected world, stressing that these are “no longer just nice-to-haves — they’re critical.”
Pyth momentum overview, December 2024. Source: Pyth
VanEck Pyth ETN listing
On Nov. 5, 2024, the asset manager of VanEck said the firm had listed an exchange-traded note (ETN) in Europe that tracks the performance of the native token of the Pyth Network (PYTH).
The VanEck Pyth ETN is available to investors in 15 EU countries, including Germany, France, Norway and Switzerland and is designed to perform in line with the MarketVector Pyth Network VWAP Close Index.
According to VanEck, the debt instrumental is fully collateralized with physical PYTH tokens, which Lichtenstein-based custodian Bank Frick holds.
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