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CoinShares joins Pyth Network for the availability of Cryptocurrency data

By Joy Dumasia

August 18, 2021

  • Coinshares
  • Europe
  • Pyth Network

CoinShares, Europe’s digital asset investment platform, announced that it would be contributing real-time crypto pricing data to the Pyth network, a decentralized financial market data distribution platform for aggregated data.

The Pyth network is built on Solana, a blockchain protocol well-suited for timely and effective receipt and distribution of market data used in high-frequency trading operations and environments where trust, accuracy, and speed are critical to performance.

CoinShares can contribute its market data directly to the Pyth network, where data consumers can stream it directly from the blockchain, in real-time and with a high degree of confidence rather than depending on intermediaries or third-party aggregators.

CoinShares trades billions of dollars in digital assets per quarter and manages over US$3B in assets across multiple asset management platforms for investors in Europe, North America, and Asia. The Company has built its financial technology platform and capital markets infrastructure to enable digital asset exposure to institutions and individuals by bridging centralized and decentralized finance.

Jean-Marie Mognetti, Chief Executive Officer of CoinShares, commented, “Since launching the world’s first crypto exchange-traded product (ETP) in 2015, enabling effective price discovery has been a key focus for CoinShares. A number of regulators have even cited the perceived lack of transparency related to crypto markets and pricing as a core reason to deny retail access to crypto ETPs and ETFs. Pyth network was an obvious partnership for us, as we continue to execute on our vision to unlock more transparency and establish trust in the broader crypto ecosystem using the underlying blockchain protocol to provide verifiable, trusted, real-time data to market participants.”

Kanav Kariya, Director of Strategic Initiatives, Digital Assets, at Jump Trading Group, said: “As a thought leader in the broader crypto ecosystem with a track record for spearheading innovative solutions for investors, we are grateful for CoinShares’ support and membership in the Pyth network. We believe DeFi will continue to scale and are eager to spur its acceleration through this partnership and many more to come.”

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