Bitso, the largest cryptocurrency platform in Latin America with over 2.5 million users, today announced that it has begun publishing cryptocurrency prices to the Pyth Network, a decentralized financial market data distribution platform designed to bring real-world data on-chain on a sub-second timescale.
Further improvements in decentralized finance (DeFi) require high-fidelity, time-sensitive, real-world data, which requires unlocking data that’s typically kept behind the “walled gardens’’ of centralized institutions. The Pyth network leverages the fast-moving Solana blockchain to solve this problem by publishing pricing data directly on the blockchain to establish greater transparency, security, fairness, and efficiency in the markets.
“We are excited about Bitso’s addition to the Pyth network as we continue to build the next generation oracle solution that will transform the way market data is used on the blockchain,” said Michael Cahill, Head of Business Development, Digital Assets, EMEA, of Jump Trading Group. “As the largest platform in Latin America, Bitso’s wide reach across this important and crypto-friendly market will allow the Pyth Network to offer robust crypto pricing data with potential to expand into FX or equities down the line.”
“We are elated about the growth of DeFi and crypto that we’ve witnessed this year alone as people in Latin America are utilizing this technology in their everyday lives,” said Eduardo Arenas, Director of Bitso Alpha. “Joining the Pyth network allows us to help DeFi and the crypto ecosystem continue to expand and flourish, and we look forward to our role in bridging the gap between legacy finance and the blockchain.”
About Bitso
Bitso is the leading Latin American crypto first platform with a community of over 2.5 million users. The company offers three main products: the Bitso App for new or experienced cryptocurrency users to buy, sell, send, or receive crypto in a simple and intuitive way; Bitso Alpha, a professional-grade crypto trading platform; and Bitso Business, a suite of cross-border products that enables businesses to thrive in a global digital economy. Bitso is one of the few crypto exchanges, and the only one in Latin America, to obtain a Distributed Ledger Technology (DLT) license from the Gibraltar Financial Services Commission (GFSC), a sovereign agency that has developed one of the most advanced frameworks for regulating cryptocurrency trading. Bitso is also the first and only exchange in Latin America to insure its users’ funds.
Founded in 2014, with over 400 employees across 27 different countries, Bitso is working to make crypto useful by liberating the world from traditional financial players and redefining money.
To learn more about Bitso, visit bitso.com
About 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