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