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Bermuda Stock Exchange to join Pyth Network

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The Bermuda Stock Exchange is to join the Pyth Network, a decentralised financial market data distribution platform.

The BSX said it has subscribed to and will receive real-time market data from the MIAX Pearl Equities Exchange and plans to provide market data to the Pyth network in mid-July.

The Pyth Network, announced by Jump Trading Group in April, is an Oracle network designed to provide high fidelity financial market data to the blockchain industry using a blockchain protocol on the Solana network.

Greg Wojciechowski, president and chief executive officer of the BSX, said: “The BSX is pleased to participate in the Pyth Network and we look forward to expanding the range of data we publish to the network.

“The BSX is positioned to play a unique role in the evolution of the DeFi ecosystem as we leverage our capabilities in the digital asset industry and expand the breadth of market data services offered to global capital markets.”

He added: “Bermuda’s government is committed to supporting a robust fintech industry with the implementation of legislation such as the Digital Asset Business Act 2018, making Bermuda an ideal and secure jurisdiction to foster the growth of the digital asset sector.”

Kanav Kariya, director of strategic initiatives at Jump Trading Group, said: “We have been excited about the momentum the Pyth Network has established with trading participants thus far, but BSX’s entry into the network establishes an entirely new dimension of data that will be available on-chain.

“The inclusion of MIAX Pearl Equities market data will give users access to real-time, top-of-book data from their order book. This level of access to data from a US equities exchange is unprecedented in DeFi.”

The BSX is wholly-owned by Miami International Holdings, which also operates and manages MIAX Pearl.

The Pyth Network said it is a specialised Oracle solution for latency-sensitive financial data that is typically kept behind the “walled gardens’’ of centralised institutions.

The Pyth Network said it is focused on finding a new and inexpensive way to bring this unique data on-chain and aggregating it securely.

Greg Wojciechowski: president and chief executive officer of the BSX
Bermuda Stock Exchange: joins the Pyth Network

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Published June 30, 2021 at 7:53 pm (Updated June 30, 2021 at 7:53 pm)

Bermuda Stock Exchange to join Pyth Network

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