Through this partnership, Revolut will contribute its proprietary digital asset price data to Pyth Price Feeds, enabling DeFi developers to incorporate real-time asset quote and trade data into decentralized applications (DApps). In return, Revolut gains access to Pyth’s extensive decentralized infrastructure, reinforcing the secure operation of its digital banking services.
Mike Cahill, CEO of Douro Labs and a core contributor to the Pyth network, described the collaboration as a pivotal moment in finance:
“The lines between traditional finance and Web3 are disappearing once and for all.”
This partnership highlights Revolut’s commitment to expanding its crypto offerings, including its Revolut X platform, which has gained significant traction across the European Economic Area.
Strengthening the DeFi Ecosystem
Pyth’s partnership with Revolut is poised to have a transformative impact on the DeFi ecosystem:
- Real-Time Data Access: Developers gain access to over 500 real-time feeds covering digital assets, foreign exchange, equities, and commodities. These feeds power DApps, which reportedly processed over $1 trillion in traded volume in 2024.
- Improved Transparency: Reliable price data from Revolut enhances the credibility and functionality of DeFi applications, addressing a long-standing need for accuracy and trustworthiness in decentralized ecosystems.
Cahill emphasized the critical role of price reliability in financial systems, stating:
“Transparency and price reliability are no longer just nice-to-haves — they’re critical.”
Pyth’s Growing Momentum
The partnership with Revolut builds on Pyth’s existing momentum. The network has been steadily expanding its presence, flipping competitors like Chainlink in total transaction volume and solidifying its position as a leading oracle provider.
Pyth’s mission goes beyond competing with other price feed providers. Cahill noted:
“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 traditional financial apps.”
TradFi Meets DeFi: A Global Vision
Revolut’s collaboration with Pyth represents a significant step toward creating a global financial market where the boundaries between TradFi and DeFi blur. As DeFi continues to grow, partnerships like this demonstrate the immense potential of blockchain technology to revolutionize the financial industry.
Revolut’s contribution to Pyth Price Feeds sets the stage for a future where traditional institutions and decentralized networks work hand-in-hand to redefine the way we interact with financial systems.