MBIT Partners with Pyth Network by Providing Real-Time Crypto Data
MCAP Inc. (OTC: MCAP) announced a partnership between its subsidiary, MBIT LLC, and the Pyth Network. This collaboration aims to enhance liquidity and transparency in cryptocurrency markets by providing institutional-grade, real-time market data across various digital asset pairs. MBIT, known for its global market-making capabilities, will support the Pyth Network, which is built on the Solana blockchain, with its mission to deliver high-fidelity price information. CEO David Menn emphasized the importance of reliable data for the evolution of Blockchain and Web3 applications.
- Partnership with Pyth Network enhances liquidity and transparency in cryptocurrency markets.
- MBIT's provision of institutional-grade market data may attract more clients and improve market positioning.
- Strategic alignment with a reputable entity like Pyth Network may bolster MCAP's credibility in the digital asset space.
- None.
ORLANDO, Fla., Oct. 24, 2022 /PRNewswire/ -- MCAP Inc. (OTC: MCAP) announced today that its digital asset trading and cryptocurrency liquidity provider, subsidiary MBIT LLC, has partnered with the Pyth Network. MBIT is a global market-maker providing liquidity in spot and derivative cryptocurrency markets on both a streaming and bespoke on-demand basis.
MBIT will be providing the oracle with institutional grade, real-time market data across a wide array of digital asset pairs in support of its mission to bring greater liquidity and transparency to cryptocurrency markets. Pyth is natively built on the Solana blockchain but has since expanded into other layer one ecosystems as the demand increases for its high-fidelity price information.
"We believe it is crucial for the continued development of Blockchain and Web3 applications to have highly reliable data that can be delivered at sub-second latency. The Pyth Network is rapidly expanding to fill that need and we are excited to partner with it," said MCAP Inc. CEO David Menn.
"MCAP is such a well-respected trading firm, market maker, and financial technology developer, so it is really exciting to see them get more entrenched in the digital asset ecosystem. Pyth is a perfect fit here and we at Jump Crypto look forward to working alongside the talented MBIT team to further strengthen this oracle network," commented Stephen Kaminsky, Special Projects at Jump Crypto.
MCAP Inc. is a publicly listed operating company (OTC: MCAP) that focuses on technology-driven financial services. MCAP's underlying theme is the development of businesses that address the rapidly changing global financial markets. The Company targets opportunities in the digital space that will be disruptive to the existing financial services industry. The Company also considers business acquisitions or partnerships that increase shareholder value. Please visit www.mcaptech.com.
Pyth Network is a specialized oracle solution for latency-sensitive financial data that is typically kept behind the "walled gardens" of centralized institutions. Pyth Network is focused on finding a new and inexpensive way to bring this unique data on-chain and aggregating it securely. For more information about Pyth Network, please visit pyth.network.
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SOURCE MCAP Inc.
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