Investing.com -- Swiss high-frequency trading (HFT) platform Portofino Technologies has become the latest member of the Pyth Network's community of data providers. The collaboration will reportedly improve the accuracy of digital asset price feeds by leveraging Portofino's proprietary market data.
Portofino Technologies is known for its market making technologies and services in the cryptocurrency domain. The participation will contribute its in-depth market insights to the Pyth Network, which provides real-time price data to blockchain developers and counts over 80 market participants, including names like Jane Street, CBOE, Binance, and OKX.
Leo Lancia, CEO and Co-Founder of Portofino Technologies, comments "We are excited to collaborate with Pyth Network and its team on this journey as a decentralized data provider. We look forward to leveraging our proprietary technology and market making experience to support the growth of the Pyth ecosystem."
Portofino Technologies operates from its offices in London and Zug, employing over 25 specialists in the field. The firm's expertise in crypto trading covers centralized, decentralized, and over-the-counter digital asset markets. Beyond trading infrastructure, Portofino also offers token services and invests in Web3 companies.
Established in 2021 by former Citadel Securities executives, the Switzerland-based technology startup has secured $50 million in funding to power digital asset adoption for institutional investors.
Shane O'Callaghan, Global Head of Business Development at Portofino Technologies, added "Pyth’s low-latency oracle and innovative data technology will be foundational for the growth of DeFi. We are extremely excited to partner with Pyth contributors and look forward to enabling our proprietary technology to help contribute to the overall Pyth ecosystem."
In less than a year, the Pyth Network has secured over $2.0 billion in value, now offering more than 400 real-time price feeds across various asset classes like commodities, stocks, FX, cryptocurrencies, and recently ETFs. The network's infrastructure supports over 50 blockchains and handles trade volumes of more than $100 billion.
Pyth steps in to fill a crucial gap by providing high-frequency financial market data, catering to the demand for precise and up-to-the-minute information among DeFi applications. It bridges the divide between on-chain and off-chain events with smart contracts applicable across any blockchain platform. The accuracy and immediacy of the network's data feeds are vital for the functioning of crypto desks and trading exchanges, which depend on Pyth for reliable, real-time data.