LMAX Group, the leading independent operator of institutional execution venues for FX and cryptocurrency trading, announced that it has become the first major institutional exchange to join the Pyth Network (Pyth), a decentralised financial market data distribution network.
According to the official announcement, this partnership will allow LMAX Group to directly publish its FX and cryptocurrency data to the network, supporting Pyth's vision of distributing readily available, real-time, and verifiable data using high performance blockchains.
David Mercer, CEO of LMAX Group, commented: "We are hugely excited by DeFi and believe it can transform capital markets as we know them in the years ahead. Real time, precise, reliable market data is the foundation of efficient asset pricing and valuation that ensures a robust and orderly marketplace. At LMAX Group we will always lead when the trajectory is clear, and it is entirely natural for us to be the first market data exchange contributor to Pyth. I'm positive others will follow in short order."
Dr Andrew Phillips, CTO of LMAX Group, concluded: "We look forward to building the foundations of the blockchain and DeFi infrastructure of tomorrow. The combination of the latest generation of fast blockchain technology with trusted prices is a pre-requisite to evolving this blockchain into an everyday useful tool for institutions."