ZUG, Switzerland, Sept. 15, 2022 /PRNewswire/ -- SCRYPT Digital, a leading crypto-native Swiss-regulated institutional liquidity provider, announced that it has joined the Pyth Network. Pyth is a next-generation oracle platform designed to provide trusted and verifiable market data to decentralized applications at sub-second frequency. This partnership will include SCRYPT Digital providing real-time institutional crypto market data to the Pyth network.
SCRYPT Digital is pleased to join Pyth and contribute to the growth of the DeFi ecosystem by providing robust, trustworthy, and institutional grade real-time price data. Our partnership with Pyth to bring valuable financial market data to DeFi applications and users aligns with our mission of acting as a trusted partner and providing customers with a safe and simple environment to access the Digital Asset space.
Pyth network has proven itself to be a leading oracle solution for accurate and verifiable financial data across asset classes, at industry low latency. They have achieved this via a network of almost 70 first party data providers which publish data directly to the network, which is then aggregated on-chain and made available for both on-chain and off-chain users of data.
Norman Wooding, founder, and CEO of SCRYPT Digital said "Institutional adoption of Digital Assets is well underway, and the same interest is now being geared towards DeFi. This partnership demonstrates the strength of SCRYPT Digital's institutional offering and resolve in bridging the gap between 'TradFi' and 'DeFi', with the further advancement of critical DeFi infrastructure having the potential to unlock greater efficiency and transparency in financial systems. Recognising the value of technology as a catalyst for more efficient and transparent financial markets, we see this integration as a strategic fit, and as innovators supporting innovators, jointly pushing boundaries and addressing inefficiencies in the Digital Asset industry."
SCRYPT Digital: https://www.scrypt.swiss/
Pyth Network: https://pyth.network/
About SCRYPT Digital: Scrypt.swiss
SCRYPT Digital has been built to meet these needs: a Swiss-regulated company offering a single point of access into digital assets
Through partnerships with leading providers and its proprietary technology, SCRYPT offers a complete best-in-class suite of services to institutions, including execution, custody, staking, market making and investment services.
SCRYPT Digital Trading offers superior execution and the best trading experience on the market - allowing institutions access to deep liquidity, zero fees, post-trade settlement, 24/7/365 access, and Advanced Order Types - even in times of high volatility.
With SCRYPT, access to digital assets no longer requires lengthy onboarding processes with multiple parties. SCRYPT removes operational setup costs, retains tight spreads, removes fees, and enhances security.
About Pyth: https://pyth.network/
Pyth is a first-party financial oracle network designed to publish continuous real-world data on-chain in a tamper-resistant, decentralized, and self-sustainable environment. The network incentivizes market participants - exchanges, market makers, and financial services providers - to share directly on-chain the price data collected as part of their existing operations.
The network then aggregates this first-party price data on-chain and makes it available for free to either on- or off-chain applications. Pyth data end-users will have the option of paying data fees to hedge against potential oracle failure. This data fee model is part of Pyth's incentive mechanism design which aims to attract more publishers to the network and, in turn, enhance network robustness. The Pyth Data Association was created in support of the Pyth network and is overseen by a board of directors elected by members of the Pyth network.
