Genesis Joins Pyth Network to Provide Pricing Data
- Genesis will be providing its cryptocurrency prices to the Pyth Network on a sub-second timescale.
- Genesis is the latest trading firm to join Pyth, following the Bermuda Stock Exchange (BSX), Virtu, LMAX, and Jump Trading Group.
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In a press release published on 30 June, Genesis Global Trading announced it has joined the Pyth Network. By joining Pyth, Genesis will be providing cryptocurrency prices to the Pyth Network to enable real-world data on-chain on a sub-second timescale.
The Pyth Network is a specialized oracle solution built on the Solana blockchain. The network provides high-performance, latency-sensitive financial data in a timely and cost-efficient way. Since its launch in April 2021, Pyth has partnered with a series of trading companies, such as GTS, Virtu Financial, LMAX Group, and Jump Trading Group, to leverage their pricing data. The Bermuda Stock Exchange (BSX) also announced it has joined the Pyth Network earlier today.
Michael Cahill, the Head of Business Development at Jump Trading Group, said that bringing another industry participant into the Pyth Network and its approaching mainnet launch will help provide a better DeFi experience to users.
Genesis Global Trading is part of Genesis Group’s full-service digital currency prime brokerage. The subsidiary provides a single point of access to the crypto industry to high-net-worth and institutional investors, enabling them to borrow, lend, and custody digital assets.
“We are excited to join the first set of data providers the Pyth network is assembling,” said Martin Garcia, Managing Director at Genesis. “We look forward to working in tandem to accelerate DeFi applications and create more efficient markets.”
- The Solana network experienced a noticeable slowdown in block production after its most recent 1.14 network upgrade was implemented last week.
- In order to avoid similar issues in the future, one-third of Solana’s core engineers will now be focused on stability and adversarial testing.
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- Genesis Global Holdco, Genesis Global Capital, and Genesis Asia Pacific Pte have all filed for Chapter 11 bankruptcy in the Southern District of New York.
- Genesis co-founder Cameron Winklevoss said this move was a “crucial step” towards recovering the assets of its Earn customers.
- The U.S. SEC alleged that Genesis and Gemini sold unregistered securities to retail investors through the exchange’s Earn program.
- Gemini co-founder Tyler Winklevoss fired back at the charges, calling the SEC’s actions “counterproductive” and optimized for “political points”.