Pyth Network, an oracle solution for financial data, today announced a new data-sharing partnership with cryptocurrency exchange Huobi Global.
Huobi Global will share its valuable cryptocurrency data directly on-chain to Pyth, enabling it to better provide financial data for its DeFi ecosystem.
As a core DeFi element, Pyth provides price feeds emanated from a network of 65+ trading institutions, exchanges, and crypto companies, each providing data across crypto, FX, equities, and commodities.
The network incentivizes market participants to directly share on-chain price data collected as part of their existing operations. Pyth then aggregates this first-party price data (still on-chain) and makes it available for use by either on or off-chain applications.
“Huobi Global has established itself as a leading crypto exchange within the crypto economy and we look forward to bringing their digital asset data on-chain as we continue to build the future of finance and create more efficient decentralized markets.”
– Mike Cahill, Director of the Pyth Data Association