XR Trading, Cumberland DRW, Join Pyth Network

Two proprietary crypto trading firms, XR Trading and Cumberland DRW, have become the latest participants to join the Pyth Network, a decentralised financial market data distribution platform, that allows consumers to acquire aggregated market data and consume it directly from a blockchain.

Data owners are able to contribute to this network via Solana, a blockchain appropriately suited to accommodate timely and effective receipt and distribution of fast-moving data. In addition to Solana, the Pyth network is a cross-chain project with compatibility across other leading blockchains to provide effective, interoperable solutions across blockchain protocols at their fastest block times.

In recent months, trading firms GTS, Virtu Financial, BSX, Genesis Global Trading, CTC, Akuna Capital and CMS have joined the network, which was backed at foundation by Jump Trading, along with infrastructure providers LMAX Group, FTX, IEK Cloud and CoinShares.

“XR Trading’s desire to join the Pyth network demonstrates the long-term viability of what we’re developing and the potential the network could have on filling the longstanding gaps in our current financial marketplace,” says Michael Cahill, head of business development, digital assets, EMEA, of Jump Trading Group. “We welcome XR Trading to the network and look forward to the continued support from the trading community.”

Matt Haraburda, president of XR Trading, adds, “We are firm believers in the growth and potential of DeFi as well as the importance of strong oracle solutions like the Pyth network. We are eager to be joining the ranks of prominent peers and exchanges – both existing and forthcoming – as we build out this next gen oracle solution concurrently.”

Meanwhile, Chris Zuehlke, partner at DRW and global head of Cumberland, says, “Using the power and speed of Solana, a fast blockchain well-suited for time, cost and energy-efficient receipt and distribution of fast-moving data, this project enables us to contribute our crypto market data directly on-chain, in a sub-second timescale and in a tamper-resistant environment. As a firm that has long championed broader transparency, security and fairness in the markets, this is a welcome new way to interact with global markets.”