Market Maker Flowdesk to Join With Jump-Backed Pyth Network to Improve Access to Blockchain Data

Flowdesk hopes the partnership will help DeFi users and developers gain ready access to institutional-quality market data.

AccessTimeIconSep 28, 2022 at 1:00 p.m. UTC
Updated Oct 3, 2022 at 2:20 p.m. UTC

Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds bitcoin, ether and small amounts of other crypto assets.

Flowdesk, the market-maker that also builds trading infrastructure, will be teaming up with the Jump-backed Pyth network to provide investors with real-time institutional market data about crypto trading pairs, Flowdesk said.

The company hopes the partnership will help “DeFi users and developers access and build upon reliable institutional-quality market data,” Flowdesk said in a Wednesday press release.

The two entities will use Flowdesk’s trading infrastructure to provide crypto trading pairs data to Pyth’s oracle tool. Pyth's specialized oracle solution sources crypto-related market data originating off-chain and streams it for smart contracts.

“This aligns with our mission to bring the best of crypto finance to our clients, always putting their interests first, with the highest level of transparency, compliance and ethics,” Flowdesk CEO Guilhem Chaumont said in the press release.

Pyth’s network of over 65 trading firms, market makers and exchanges publishes data directly on-chain to the network. The information is then aggregated and made available for both on-chain and off-chain users.

Pyth is currently publishing data for nearly 90 price feeds across asset classes. This information will soon be available on different blockchains via the Wormhole cross-chain messaging protocol.

“Flowdesk has established itself as a top player in trading infrastructure, particularly for crypto, which makes them a fantastic partner for Pyth, a project we believe to be at the core of DeFi infrastructure going forward,” said Stephen Kaminsky, special projects at Jump Crypto.

Both Pyth Network and Wormhole, another Jump-backed infrastructure project, announced last week that they will be launching on Aptos, a layer 1 blockchain protocol founded last year by two ex-Meta employees.


Read more about

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds bitcoin, ether and small amounts of other crypto assets.

CoinDesk - Unknown

Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds bitcoin, ether and small amounts of other crypto assets.