Virtu Financial Joins Pyth Network as Newest Partner

Rhea-AI Summary

Virtu Financial has announced its collaboration with the Pyth Network, joining a decentralized financial market data distribution platform. This partnership enables Virtu to offer its financial market data across equities, FX, futures, and cryptocurrencies via smart contracts on the Solana blockchain. The move positions Virtu to enhance data distribution and support the evolving decentralized finance (DeFi) ecosystem. CEO Douglas Cifu expressed optimism that the Pyth Network will play a crucial role in transforming market data pricing and distribution.

Positive

• Joining the Pyth Network enhances Virtu's market data distribution capabilities.
• Contributes unique financial market data across multiple asset classes.
• Supports the evolving DeFi ecosystem, potentially attracting new market participants.

Negative

• None.

Virtu Financial to publish market data across equities, FX, futures and crypto on the Pyth Network for sophisticated asset pricing and consumption by smart contract

NEW YORK, June 24, 2021 (GLOBE NEWSWIRE) -- Virtu Financial, Inc. (NASDAQ: VIRT) (“Virtu” or the “Company”), a leading global provider of financial services and products that leverages cutting edge technology to deliver innovative, transparent trading solutions to our clients and liquidity to the global markets, today announced that it has joined the Pyth Network (“the Network”), a decentralized financial market data distribution platform. Virtu will contribute its unique financial market data across equities, FX, futures, and cryptocurrencies for consumption by smart contracts using the Solana blockchain and other major blockchains.

Today’s commitment from Virtu adds to a growing list of firms supporting the Pyth Network as the world’s most sophisticated market participants seek better ways to distribute precise, real-time market data using high performance blockchains.

Douglas Cifu, CEO of Virtu Financial said, “We are excited to join this promising network that we hope will transform the way pricing market data is used on the blockchain. With growing support from the trading community, we believe the Pyth Network will become an integral piece of infrastructure in the quickly evolving DeFi ecosystem, enabling new market participants and more efficient markets.”

The Pyth Network enables data owners to contribute their data on-chain and in a sub-second timescale. The network is built on Solana, a fast blockchain well-suited for timely and cost and energy efficient receipt and distribution of fast-moving data. The Pyth Network also plans to publish high fidelity, streaming, and readily accessible market data through all other major blockchains at their fastest block times.

About Virtu Financial, Inc.

Virtu is a leading global financial services firm that leverages cutting-edge technology to provide execution services and data, analytics and connectivity products to its clients and deliver liquidity to the global markets. Leveraging its global market making expertise and infrastructure, Virtu provides a robust product suite including offerings in execution, liquidity sourcing, analytics and broker-neutral, multi-dealer platforms in workflow technology. Virtu’s product offerings allow clients to trade on hundreds of venues across 50+ countries and in multiple asset classes, including global equities, ETFs, foreign exchange, futures, fixed income and a myriad of other commodities. In addition, Virtu’s integrated, multi-asset analytics platform provides a range of pre-, intra- and post-trade services, data products and compliance tools that clients rely upon to invest, trade and manage risk across global markets.

About the Pyth Network

The Pyth Network is a specialized oracle solution for latency-sensitive financial data that is typically kept behind the “walled gardens’’ of centralized institutions. The 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 the Pyth Network, please visit pyth.network.

Contact:

Investor & Media Relations
Andrew Smith
investor_relations@virtu.com

 

FAQ

What is the recent announcement from Virtu Financial regarding the Pyth Network?

Virtu Financial has joined the Pyth Network to publish market data across various asset classes for efficient use in decentralized finance.

How will Virtu Financial's partnership with the Pyth Network benefit investors?

The partnership will improve the distribution of financial market data, potentially leading to more efficient market conditions and pricing.

What types of market data will Virtu Financial provide through the Pyth Network?

Virtu will contribute data across equities, foreign exchange, futures, and cryptocurrencies.

What technology underpins the Pyth Network that Virtu Financial is joining?

The Pyth Network is built on the Solana blockchain, known for its fast and efficient data distribution capabilities.

When did Virtu Financial announce its collaboration with the Pyth Network?

The announcement was made on June 24, 2021.