fromcrypto – Swiss high-frequency buying and selling (HFT) platform Portofino Applied sciences has change into the latest member of the Pyth Community knowledge supplier group. The collaboration will reportedly enhance the accuracy of digital asset pricing feeds by leveraging Portofino’s proprietary market knowledge.
Portofino Applied sciences is understood for its cryptocurrency market making applied sciences and companies. The participation will contribute its in-depth market insights to the Pyth Community, which supplies blockchain builders with real-time worth knowledge and counts greater than 80 market contributors, together with names like Jane Road, CBOE, Binance and OKX.
Leo Lancia, CEO and co-founder of Portofino Applied sciences, says: “We’re excited to accomplice with Pyth Community and its staff on this journey as a decentralized knowledge supplier. We sit up for leveraging our proprietary expertise and market-making expertise to help progress. of the Pyth ecosystem.”
Portofino Applied sciences operates from workplaces in London and Zug and employs greater than 25 business specialists. The agency’s cryptocurrency buying and selling experience spans centralized, decentralized and over-the-counter digital asset markets. Along with buying and selling infrastructure, Portofino additionally provides token companies and invests in Web3 firms.
Based in 2021 by former Citadel Securities executives, the Swiss tech startup has secured $50 million in funding to help the adoption of digital property for institutional traders.
Shane O’Callaghan, World Head of Enterprise Growth at Portofino Applied sciences, added: “Pyth’s low-latency Oracle and modern knowledge expertise will underpin the expansion of DeFi. We’re extraordinarily happy to work with Pyth contributors and sit up for enabling our proprietary expertise to assist contribute to the general Pyth ecosystem.”
In lower than a yr, the Pyth Community has secured over $2.0 billion in worth and now provides over 400 real-time worth sources throughout varied asset courses equivalent to commodities, shares, FX, cryptocurrencies and not too long ago ETFs. The community infrastructure helps over 50 blockchains and handles commerce volumes exceeding $100 billion.
Pyth enters the sport to fill a essential hole by offering high-frequency monetary market knowledge to fulfill the demand for correct and up-to-date info amongst DeFi functions. It bridges the hole between on-chain and off-chain occasions utilizing good contracts usable on any blockchain platform. The accuracy and immediacy of community knowledge sources are very important to the functioning of cryptographic workplaces and buying and selling exchanges that rely upon Pyth for dependable real-time knowledge.
