In an unprecedented move within the decentralized finance (DeFi) realm, Laser Digital, the digital asset subsidiary of the renowned financial institution Nomura, has announced its new role as a data provider for Pyth Network. This strategic partnership is viewed as a significant development in Laser Digital’s mission to revolutionize access and use of financial market data in the DeFi sector.
Founded in April 2021, Pyth Network has quickly ascended to prominence, becoming one of the premier oracle networks in the market. It gathers data from a vast pool of over 90 first-party providers, incorporating a diverse array from traditional and crypto market sectors. Notably, this includes leading entities such as trading firms, market makers, and both crypto and traditional exchanges from around the globe. By joining forces with Pyth Network, Laser Digital introduces a wealth of knowledge and expertise from the conventional banking sector into the rapidly evolving DeFi landscape.
Initially, Laser Digital’s contribution will focus on the provision of crypto pricing data. Currently, Pyth Network boasts an impressive catalog of over 400 price feeds encompassing various asset classes, from digital assets to traditional ones like stocks, ETFs, foreign exchange, and commodities. This collaboration is timely, aligning with the ongoing push towards a blockchain industry that demands high-frequency, low-latency on-chain data to support increasingly sophisticated DeFi applications.
Innovation at the Forefront
This partnership comes at a time when the Pyth Network is experiencing significant growth, enhancing its value proposition in providing high-quality, real-time market data to DeFi participants. Mike Cahill, CEO of Douro Labs, integral to the Pyth ecosystem, expressed his enthusiasm about the partnership, noting, “We are thrilled to see Laser Digital join the Pyth Network. This is a fantastic step forward in building the leading financial market data oracle for Web3.”
Echoing this sentiment, Jez Mohideen, CEO of Laser Digital, shared his excitement over the collaboration. “We are excited to support Pyth Network in its journey as a decentralized data provider. We look forward to leveraging our expertise and experience to contribute to the growth of the Pyth ecosystem,” he stated.
Marc Tillement of the Pyth Data Association commented on the development, saying, “The Pyth Network ecosystem has data contributors from all corners of traditional markets and crypto markets, including the top trading firms and exchanges globally. It is really fantastic to see Laser Digital join this community to help bring in perspective and expertise from the existing finance world.”
Laser Digital, under the aegis of Nomura, continues to redefine the digital finance frontier, offering a spectrum of services from trading and asset management to ventures. It operates with a commitment to high standards in risk management, compliance, and commercial viability, fueled by a dedication to more responsible digital asset engagement.
Pyth Network stands as a leading first-party oracle network, delivering critical financial market data on-chain for decentralized applications. With its expansive network of data providers, it delivers real-time, accurate price feeds for an array of asset classes across more than 50 blockchains, thereby setting new benchmarks for data reliability and accessibility in the DeFi space.
