Revolut Partners with Pyth Network to Bridge TradFi and DeFi

Revolut, a popular British neobank with 45 million users across 200 countries, has joined forces with Pyth Network. This partnership marks a significant step in connecting traditional finance (TradFi) with decentralized finance (DeFi). 

Revolut’s Key Role in Data Sharing

Revolut will contribute accurate price data to Pyth Network, which supports decentralized applications (dApps). The data includes cryptocurrency prices, which will be used by dApps to function smoothly. 

Revolut’s involvement strengthens the blockchain ecosystem by providing reliable resources for price feeds. By partnering with Pyth, Revolut expands exposure to digital assets without committing capital or engaging in trading. 

Mazen Eljundi, Revolut’s Global Business Head of Crypto, sees this partnership as an important step toward transforming the financial system. He believes Revolut can shape the future of digital currencies with its accurate data.

Traditional Finance Meets DeFi

Pyth Network has encouraged other traditional financial institutions to follow Revolut’s example by becoming data publishers. The goal is to create a more open and accessible financial ecosystem. 

However, despite this progress, Pyth Network faces challenges. Data from DappRadar shows that the total value locked (TVL) in the network has decreased by 7.72%, now sitting at $386.28 million.

The PYTH token has fallen 9.06% in the past 24 hours, now trading at $0.3381. This marks a 70.51% drop from its all-time high of $1.15 in March 2024. The token continues to fluctuate, with the RSI showing that bears are in control.