10 Feb 2022 – AAX (aax.com), a fast-growing cryptocurrency exchange, is partnering with the specialized oracle network solution Pyth network to provide real-time cryptocurrency market data. The integration is expected to be completed within this month.
Pyth Network is focused on sourcing accurate crypto and market data occurring on- and off-chain to smart contracts located on any blockchain. Through its comprehensive database overlooking crypto, equities, and FX markets, Pyth Network’s information system is utilized by top trading firms and exchanges who rely on its platform to obtain accurate, real-time data.
Providing trustworthy market data to global smart contracts
The partnership is crucial as AAX will integrate with the Pyth network to provide a continuous stream of crypto data for its top-tier crypto market exchange. The information will be invaluable to financial institutions and smart contracts, given cryptocurrency markets are known for their extreme volatility and the value of assets can rapidly appreciate or depreciate in a matter of seconds.
For traders and smart contract developers, the fast-paced nature of crypto markets means even a split-second delay can result in missed opportunities. Subsequently, immediate, real-time access to trustworthy top-quality data like the one AAX provides is crucial for a smooth and seamless trading experience.
“The rise of crypto encompasses more than the emergence of a new asset class alone. More importantly, it’s about imagining a new financial system in terms of culture and infrastructure, and then building it,” said Ben Caselin, Head of Research and Strategy at AAX. “Our integration with the Pyth network forms part of an ongoing effort to build more resilience and integrity into the crypto markets, better connect and synchronise top-tier trading firms in the industry, and ultimately optimize user experience.”
AAX is a top-tier crypto exchange that caters to a global audience with the vision of bringing the benefits of crypto to everyone. Through an accessible range of products and by contributing to the conversation about crypto and culture, we aim to empower the estimated 96% of people worldwide who do not yet own Bitcoin and other digital assets to build better and more inclusive economies.
Favored by more than two million users in over 100 countries, AAX is the first exchange to use the Satoshi Standard (SATS) to drive the adoption of Bitcoin. We are also the first to be powered by LSEG Technology, offering high-yield savings packages, 100+ spot pairs, deeply liquid futures markets, regular discounts on major tokens and a range of on- and off-ramp products.
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.
About the Pyth Data Association
The Pyth Data Association was created in support of the Pyth network, a specialized oracle solution for latency-sensitive financial data that is typically kept behind the “walled gardens’’ of centralized institutions. The Pyth Data Association is overseen by a board of directors elected by members of the Pyth network.