LMAX Group, one of the leading independent operators of institutional execution venues for foreign exchange (FX) and cryptocurrency trading, announced today that it has become the first leading institutional exchange to join Pyth Network, a well-known decentralized financial data distribution network.
LMAX Group has officially entered the DeFi (decentralized finance) market through the latest initiative. The recent announcement from the Group came after LMAX Digital, the crypto arm of the Group, reported significant growth in trading volume over the last few months.
In an official announcement, LMAX Group mentioned that it will directly publish its FX and cryptocurrency data to the Pyth Network through the latest partnership. The Group aims to support Pyth’s vision of distributing readily available, real-time, and verifiable data using high-performance blockchains.
Commenting on the recent announcement, David Mercer, CEO of LMAX Group, said: “We are hugely excited by DeFi and believe it can transform capital markets as we know them in the years ahead. Real-time, precise, reliable market data is the foundation of efficient asset pricing and the valuation that ensures a robust and orderly marketplace. At LMAX Group, we will always lead when the trajectory is clear, and it is entirely natural for us to be the first market data exchange contributor to Pyth. I’m positive others will follow in short order.”
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“We believe the Pyth network built on the low latency Solana blockchain can revolutionize and democratize market data provision. This is a milestone for the industry as the DeFi ecosystem expands, and we look forward to helping develop the network, which will be the primary market data oracle. We are pleased to announce that we are already streaming our leading, precise core FX and crypto data on the network,” Mercer added.
LMAX Group has a diversified portfolio, which includes LMAX Exchange, LMAX Global and LMAX Digital. The Group’s LMAX Digital is currently trading over $2.5 billion per day.
Since the start of 2021, the overall interest in decentralized finance has increased rapidly. The total value locked under DeFi has jumped substantially compared to last year. LMAX Group is planning to take advantage of the recent surge in DeFi ecosystem.
“It’s immensely exciting news that LMAX Group has joined the Pyth network. The Group’s best-in-class FX and crypto market data will be an important contribution to Pyth and it is a huge step forward for the network. We look forward to welcoming other exchanges in other asset classes in the months ahead,” Dave Olsen, President and Chief Investment Officer at Jump Trading Group, commented.
“We look forward to building the foundations of the blockchain and DeFi infrastructure of tomorrow. The combination of the latest generation of fast blockchain technology with trusted prices is a prerequisite to evolving this blockchain into an everyday useful tool for institutions,” Andrew Phillips, CTO of LMAX Group, said.