Pyth launches data marketplace to challenge providers

Pyth Network has launched a new data marketplace aimed at allowing financial institutions to publish and monetise market data across blockchain networks.

The platform will initially support datasets covering foreign exchange, commodities and swaps, with institutions retaining control over how their data is shared and priced.

“These data vendors have no competition in traditional finance, and so they have all the pricing power in the world,”

Said Michael James, head of institutional business development at Douro Labs.

At launch, seven major providers including Euronext, Fidelity Investments and Singapore Exchange will supply price feeds to the marketplace.

Pyth’s model allows users to pay for specific data on demand, contrasting with traditional providers that bundle datasets at high cost regardless of usage.

The move targets a financial data industry valued at around $50 billion, long dominated by a small number of entrenched providers.

The launch highlights how blockchain-based oracles are attempting to reshape financial data distribution by lowering costs and increasing accessibility for institutions and developers.