LMAX Digital lists Pyth Network Token
London, 5 December 2023 – LMAX Digital, the leading institutional spot crypto currency exchange and part of LMAX Group, today announces it has added the Pyth Network (PYTH) token to the list of its trading instruments. PYTH is the native token that fuels the decentralised financial market data distribution network delivering real-time market data from institutions to smart contracts on any blockchain.
The listing of the token will enable the institutional-only client base of LMAX Digital to trade PYTH against USD via the PYTH/USD spot pair.
Pyth Network is the largest first-party oracle for financial data, providing low-latency, high-fidelity, and tamper-resistant price data feeds directly to blockchains through an expansive network of first-party data providers. The Pyth Data Association was formed with a mission to create the largest, most robust financial data marketplace for decentralised finance to build on.
LMAX Digital is the fastest growing exchange in LMAX Group and has seen over $1 trillion of crypto currencies traded since its inception in 2018. LMAX Digital is at the forefront of driving institutional adoption and the evolution of the digital assets ecosystem as TradFi and DeFi increasingly converge.
Commenting on the listing, David Mercer, CEO, LMAX Group, said: “We are pleased to offer PYTH to the institutional client base of LMAX Digital. The opportunities presented by DeFi are boundless and we believe that blockchain technology will form the backbone of future capital markets. We continue to support Pyth’s mission to democratise market data provision, which is critical in establishing robust, institutional blockchain infrastructure and aligned with the broader DeFi strategy of LMAX Group.”
Mike Cahill, CEO, Douro Labs, a software development company dedicated to advancing the Pyth Network added: “LMAX Group is a long-time partner of the Pyth Network having been one of the founding institutional data providers to the oracle. As a business that recognises the value of readily available, real-time and verifiable market data as a foundation to evolving high-performance blockchains for institutional usage, and we are delighted to have the support of LMAX Group.”
The Pyth network comprises of the world’s largest exchanges, market makers, and financial services providers contributing their proprietary price data on-chain for aggregation and distribution to smart contract applications.
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