Solana News: One of the largest trading firms on the New York Stock Exchange announced last week that it has entered the decentralized finance space by participating in a Solana-based market data project.
Known for facilitating large IPOs on the NYSE, GTS has joined Pyth Network, a data project led by high-speed trading firm Jump Trading. Announced by Jump in April, Pyth is also involved in the project, with Sam Bankman-Fried’s FTX, a platform that essentially collects market data on Wall Street’s Solana Blockchain.
Market data is the lifeblood of traders and has always been a controversial topic. Historically, trading firms have accused major exchanges such as the NYSE and Nasdaq of unfairly increasing the cost of market data. In a sense, Pyth serves as a decentralized stream of market data accessible through Solana.
According to a press release, GTS plans to transfer its own market data to Pyth via a node that it will run independently, “further reinforcing Pyth’s vision of having first-hand, real-time pricing on high-performance blockchains.”
Ari Rubenstein, co-founder and CEO of GTS, said in a statement:
Real-time market data content across asset classes will be a giant step forward for developing decentralized finance/”DeFi” applications. For DeFi applications to mature, advanced integration of asset pricing, where the GTS excels, is a must. Our participation in the Pyth Network provides a solution to a long-standing gap in the real-time public blockchain distribution of financial data.”
The team behind Solana is said to have raised $450 million in new funding.