Revolut becomes first banking data publisher to join the Pyth Network

Crypto-friendly fintech firm Revolut has become the first banking data publisher to join the Pyth Network — a provider of real-time market data for onchain applications.

Revolut, which boasts over 45 million users across 200 countries, will integrate its digital asset quote and trade data into Pyth’s price feeds, enabling DeFi developers to incorporate it into their decentralized applications.

“Our partnership with Pyth is an important milestone in Revolut's journey to modernize finance,” Revolut Global Business Head of Crypto Mazen Eljundi said. “By working with Pyth to provide our reliable market data to applications, Revolut can influence digital economies by ensuring developers and users have access to the precise, real-time information they need.”

As a Pyth oracle network publisher, the digital banking platform will help secure the operations of hundreds of dapps, which can now access over 500 real-time feeds for digital and traditional assets, responsible for more than $1 trillion in total traded volume during 2024, according to a statement shared with The Block.

Other Pyth data publishers include Amber Group, Binance, Bitstamp, Bybit, Cboe, Cumberland DRW, Galaxy Digital, Gemini, Jane Street, OKX, Raydium and Wintermute.

“Pyth’s collaboration with Revolut is part of a larger trend we’re seeing, where traditional banking institutions, trusted by millions of customers globally, are recognizing the value of decentralized finance and digital assets,” Michael Cahill, CEO and co-founder of Douro Labs, core contributor to the Pyth Network, said. “Together, we are driving the future of finance, where transparent and reliable data empowers the next generation of financial applications.”

Originally designed for the Solana blockchain, Pyth Network now operates across more than 80 blockchain ecosystems, including Ethereum, Optimism, Arbitrum, Base, Avalanche, Aptos and Sui, providing real-time market data for cryptocurrencies, equities, FX and commodities.

Revolut’s expanding crypto initiatives

In May 2024, the fintech firm launched a standalone crypto trading platform, Revolut X, in the UK, subsequently expanding to 30 European countries in November. In September, Revolut was also reported to be in the process of launching its own stablecoin.

Revolut secured a banking license from the UK's Prudential Regulation Authority in July 2024, after a three-year application process. Obtaining a UK banking license is notoriously difficult due to the stringent regulatory and compliance requirements imposed by both the PRA and the Financial Conduct Authority.

For several decades, the UK banking sector was dominated by large, established institutions, and no new banking licenses were granted until Metro Bank in 2010. The Bank of Dave campaign following the 2008 financial crisis highlighted the challenges of entering the sector, and subsequent reforms helped pave the way for several other new banks, including Monzo and Starling, which disrupted the market.