MCAP Inc. announced that its digital asset trading and cryptocurrency liquidity provider, subsidiary MBIT LLC, has partnered with the Pyth Network. MBIT is a global market-maker providing liquidity in spot and derivative cryptocurrency markets on both a streaming and bespoke on-demand basis.
MBIT will be providing the oracle with institutional grade, real-time market data across a wide array of digital asset pairs in support of its mission to bring greater liquidity and transparency to cryptocurrency markets. Pyth is natively built on the Solana blockchain but has since expanded into other layer one ecosystems as the demand increases for its high-fidelity price information.
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“We believe it is crucial for the continued development of Blockchain and Web3 applications to have highly reliable data that can be delivered at sub-second latency. The Pyth Network is rapidly expanding to fill that need and we are excited to partner with it,” said MCAP Inc. CEO David Menn.
“MCAP is such a well-respected trading firm, market maker, and financial technology developer, so it is really exciting to see them get more entrenched in the digital asset ecosystem. Pyth is a perfect fit here and we at Jump Crypto look forward to working alongside the talented MBIT team to further strengthen this oracle network,” commented Stephen Kaminsky, Special Projects at Jump Crypto.