CoinShares to Enhance Transparency and Availability of Cryptocurrency Data for Pyth Network

European leading digital asset investment firm CoinShares International Limited (CoinShares) announced recently that it would join Pyth Network (Pyth), a decentralized financial oracle solution provider, to contribute real-time crypto pricing data to the Pyth.

The Pyth network is built on Solana, a blockchain protocol well-suited for timely and effective receipt and distribution of market data used in high frequency trading operations and environments where trust, accuracy, and speed are critical to performance.

CoinShares participated in the Solana token sale in Q2 2021 and it is evaluating opportunities to migrate core trading and capital markets infrastructure onto the Solana network. The participation will enable CoinShares to contribute its market data directly to the Pyth network where consumers of data can stream it directly from the blockchain, in real time and with a high degree of confidence rather than depending on intermediaries, or third-party aggregators.

“Since launching the world’s first crypto exchange traded product (ETP) in 2015, enabling effective price discovery has been a key focus for CoinShares. Pyth was an obvious partnership for us, as we continue to execute on our vision to unlock more transparency and establish trust in the broader crypto ecosystem using the underlying blockchain protocol to provide verifiable, trusted, real-time data to market participants,” said Jean-Marie Mognetti, Chief Executive Officer of CoinShares.

Previously, Fazaco reported that CoinShares has released its interim financial results​ for the six months ending on 30 June 2021, disclosing that its total comprehensive income reached £58.7 million.