LMAX Group Joins Pyth Network
Posted by Colin Lambert. Last updated: June 22, 2021
LMAX Group has entered the Defi space by joining the Pyth Network, a decentralised financial market data distribution network. LMAX Group becomes the first major institutional exchange to join the network.
LMAX will 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.
“We are hugely excited by DeFi and believe it can transform capital markets as we know them in the years ahead,” says David Mercer, CEO of LMAX Group. “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.”
“We believe the Pyth network built on the low latency Solana blockchain can revolutionise and democratise market data provision,” he continues. “This is a milestone for the industry as the DeFi ecosystem expands and we look forward to helping develop the network, which will be the primary market data oracle. We are pleased to announce that we are already streaming our leading, precise core FX and crypto data on the network.
“Whilst others are still waking up to the fact that crypto assets are here to stay, we are delighted to partner with visionaries who see a better capital markets ecosystem that operates 24×7 across all asset classes,” Mercer concludes.
“It’s immensely exciting news that LMAX Group has joined the Pyth network,” says Dave Olsen, president and chief investment officer at Jump Trading Group. “The Group’s best-in-class FX and crypto market data will be an important contribution to Pyth and it is a huge step forward for the network. We look forward to welcoming other exchanges in other asset classes in the months ahead.”
The Pyth Network is a specialised oracle solution for latency-sensitive financial data that is typically kept behind the “walled gardens’’ of centralised institutions. It aims to find a new and inexpensive way to bring this unique data on-chain and aggregate it securely.
“The Pyth Network is creating a next generation oracle solution of high fidelity, fully streaming financial data,” says Kanav Kariya, director of strategic initiatives of Jump Trading Group. Experienced market participants like LMAX Group bring a wealth of expertise, innovation, and institutional quality financial data that will greatly enhance our ability to bring smarter data for smarter contracts.”
Dr Andrew Phillips, CTO of LMAX Group, adds, “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.”