Through this move, decentralised finance (DeFi) developers are set to be able to include digital asset quotes and trade data from a digital banking platform with more than 45 million users across 200 countries and regions into their decentralised applications (dApps).
The announcement comes just weeks after Revolut announced its plans to expand its Revolut Pay security platform to crypto transactions in 2025, improving fraud protection for its customers. The initiative focused on minimising fraudulent activities associated with crypto transactions, with Revolut underlining that current card transactions and bank transfers to exchanges provided limited anti-fraud measures, in turn leading to scaled scam vulnerabilities for customers.
By becoming a publisher for the Pyth Oracle network, Revolut is set to offer its proprietary digital asset price data to Pyth Price Feeds to secure the operations of downstream dApps. Additionally, the move comes as Revolut centres its efforts on expanding its crypto offerings, with the company recently extending its Revolut X exchange across the European Economic Area (EEA). Teaming up with Pyth Network aims to further assist its objectives and bridge the gap between traditional finance and DeFi. Commenting on the announcement, representatives from Revolut mentioned that the collaboration with Pyth supports their company’s commitment to modernising finance. Also, considering that DeFi is on a growth path, Pyth’s position in the industry can help Revolut capitalise on this advancement. Joining forces with Pyth to deliver its market data to applications is set to enable Revolut to assist digital economies by ensuring that developers and users have access to the real-time information they require.
Furthermore, Pyth Network highlighted that the collaborative agreement with Revolut comes as part of a greater trend happening in the market, with traditional banking institutions recognising the potential value of decentralised finance and digital assets.
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