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.”
- An investigation from the New York Attorney General’s office has allegedly found that Gemini was aware of Genesis’ weak financial position, but still lied to investors.
- The lawsuit is looking to ban DCG, Genesis, and Gemini from the New York financial industry, seek restitutions for investments, and the return of “ill-gotten gains”.
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- Bankrupt crypto lender Genesis is trying to recover around $500 million from DCG, and another 4,550.5 BTC from DCGI, which it had loaned to the two companies in 2022.
- Both DCG and DCGI requested that the debts were converted to open loans on 9 May, but Genesis declined both offers and demanded the repayment of the loans with interest.
- Cameron Winklevoss, co-founder of crypto exchange Gemini, proposed a plan that would see Digital Currency Group pay close to $1.5 billion over the next five years.
- The Winklevoss twin said that if the “final offer” is not accepted by the end of the week, Gemini would file a lawsuit against DCG and CEO Barry Silbert.