XBTO is proud to partner with the Pyth Network as its newest contributing data originator.
Established in 2015, XBTO was one of the ﬁrst market participants to provide institutional-grade liquidity to major trading platforms. Since then, XBTO has become a recognized and leading proprietary algorithmic trader and venture capital firm.
XBTO is teaming up with Pyth Network, a next-generation, decentralized “oracle network” built on the Solana blockchain with cross-chain capabilities via Wormhole. Pyth serves as an oracle solution connecting leading exchanges and top trading firms holding real-world market data, with smart contracts on-chain. It is designed to do so anywhere across blockchains, and with sub-second speeds. Pyth, like XBTO, strives to establish stability, trust, and transparency throughout the cryptofinance industry.
The fundamental issue Pyth seeks to address is that decentralized finance often can’t get the access it needs to accurate, time-sensitive, real world data. Pyth depends upon contributions from partners, including XBTO to source the massive amount of high integrity and high-fidelity financial data necessary to help DeFi. It harnesses this data to create reliable and decentralized sources of high fidelity composite market data, and to establish a cross-chain market of verifiable data from quality providers. XBTO is proud to join the ranks of such an impressive list of nearly 40 data providers committed to the Pyth network.
With its proprietary technologies and unmatched expertise, many crypto exchanges working with XBTO have successfully reduced price volatility and offered enhanced spreads. On Pyth, prices are composed by aggregating data streams, weighing the results, and then conveying prices with an accompanying confidence rating. The confidence rating or “interval” can widen when markets are irregular and contract when they are orderly. This composite formula relies on the quality and indicative conviction of its data providers so that the oracle network can avoid sacrificing decentralization.
Pyth is currently working with several ambitious integration projects, including a trustless cross-chain bridge named Wormhole. Wormhole supports seamless communication between Solana, Ethereum, Terra and the Binance Smart Chain, with more chains to be added in the future. Teams developing projects on any of the supported blockchains can leverage Pyth and immediately begin implementing a high-fidelity oracle in their native protocol. Pyth has established itself at the center of creative development on the Solana blockchain, cultivating a loyal development community of “Pythians” and ensuring Its partnership value long into the future.
XBTO is a global, institutional market maker and asset manager providing cryptofinance trading and liquidity provision to the world’s most established exchanges. Its new partner, Pyth Network is a specialized oracle network with the goal of providing the infrastructure for DeFi by leveraging institutional-grade market data. As such, the oracle network has attracted some of the most prominent traders, exchanges, and financial services players who own unique, high-quality market data. These participants fuel the price discovery process. XBTO brings an expansive suite of products to this relationship, including asset management services, over-the-counter (OTC) trading, streaming markets, institutional and fund-based venture capital, ESG compliant crypto-mining operations, and strategy consultancy services for emerging projects in the digital asset space. XBTO, in concert with the other data originators, provides unwalled, high quality market data in equities, fx, crypto, precious metals and a growing number of asset classes to the Pyth Network.
About the Pyth Network
The Pyth network is a specialized oracle solution for latency-sensitive financial data that is typically kept behind the “walled gardens’’ of centralized institutions. The Pyth network is focused on finding a new and inexpensive way to bring this unique data on-chain and aggregating it securely. For more information about the Pyth network, please visit pyth.network.
About the Pyth Data Association
The Pyth Data Association was created in support of the Pyth network, a specialized oracle solution for latency-sensitive financial data that is typically kept behind the “walled gardens’’ of centralized institutions. The Pyth Data Association is overseen by a board of directors elected by members of the Pyth network.
“XBTO is fortunate to have the leading expertise, technology, and resources to distribute trusted, secure market data, and we are pleased to share these insights as a provider on the Pyth Network. With an expansive history working in global cryptofinance, we strive to establish industry-wide trust and transparency — and Pyth’s capabilities to increase broad access to market data bring us one step closer to achieving this goal, together.”
Philippe Bekhazi, XBTO CEO.