One of NYSE’s Largest Market Makers Joins Solana-Based Data Project


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One of the largest trading firms creating markets on the New York Stock Exchange announced last week that it was breaking into the decentralized financial space by joining a Solana-based market data project.

GTS – best known for facilitating large initial public offerings on NYSE – has joined Pyth Network, a data project led by high-speed trading firm Jump Trading. Announced by Jump in April, Pyth is essentially a platform that aggregates market data from Wall Street on the Solana blockchain. Sam Bankman-Fried’s FTX is also involved in the project.

Market data is vital for traders and has been a controversial topic on the streets. Historically, trading companies have criticized large stock exchanges, such as the NYSE and the Nasdaq, for unfairly raising the cost of market data. In a sense, Pyth serves as a decentralized flow of market data that can be accessed through Solana.

GTS plans to transmit its own market data to Pyth through a node that it will run independently, “solidifying Pyth’s vision of having first-hand, real-time pricing available on high-performance blockchains,” according to a statement from hurry.

“Real-time market data content across all asset classes will be a giant leap in the development of decentralized finance / ‘DeFi’ applications,” said Ari Rubenstein, co-founder and CEO of GTS, in a press release. “For DeFi applications to mature, the sophisticated integration of asset pricing in which GTS excels is a must. Our participation in the Pyth Network provides a solution to a long-standing gap in the public, real-time distribution of financial data via blockchain.

The team behind Solana is said to raise up to $ 450 million in new funding.

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