IMC joins Pyth network

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Jul 21, 2022, 08:30 ET

AMSTERDAM, CHICAGO and SYDNEY, July 21, 2022 /PRNewswire/ -- Global market maker IMC announced today that it has joined the Pyth network, a next generation oracle solution designed to deliver real-time, high fidelity, market data on the blockchain on a sub-second timescale. As an initial step, IMC will publish real-time cryptocurrency price data onto the network and look to expand into other asset classes in scope as the network continues to scale. There are now over 65 publishers providing first-party quality data into Pyth across crypto assets, equities, FX, and metals.

Arno de Quaasteniet, Chief Technology Officer at IMC, said, "We have always recognized the value of technology as a driver for more efficient and transparent financial markets. We see the vast potential blockchain technologies bring to this, and naturally want to support innovators, such as Pyth, who are actively pushing boundaries in this space."

"This partnership once again demonstrates the strength of Pyth's community, bridging the gap between 'TradFi' and 'DeFi'," commented Stephen Kaminsky, special projects at Jump Crypto, one of the leading institutions behind Pyth.

About IMC

IMC is a leading global market maker with more than three decades' experience, and with offices in Europe, the US and Asia-Pacific. Our core business is to provide liquidity in financial assets on trading venues, and to deliver the best outcome in value and risk to investors. We employ state-of-the-art algorithms, statistical techniques, and innovative low latency technologies to execute our strategies. IMC engages in trading activities on its own account and closely complies with regulatory requirements set by (supra-)national authorities.

IMC is always looking to connect with and support innovative initiatives related to the field of technology and trading. For more information you can view https://www.imc.com/eu/imc-investments/ or email [email protected].

About Pyth

Pyth is a first-party financial oracle network designed to publish continuous real-world data on-chain in a tamper-resistant, decentralized, and self-sustainable environment. The network incentivizes market participants — exchanges, market makers, and financial services providers — to share directly on-chain the price data collected as part of their existing operations. The network then aggregates this first-party price data on-chain and makes it available for free to either on- or off-chain applications. Pyth data end-users will have the option of paying data fees to hedge against potential oracle failure. This data fee model is part of Pyth's incentive mechanism design which aims to attract more publishers to the network and, in turn, enhance network robustness. The Pyth Data Association was created in support of the Pyth network and is overseen by a board of directors elected by members of the Pyth network. More details are available here: the website, whitepaper, docs, and wiki.

Media contact: Stefan Simons, [email protected], +31205754073

SOURCE IMC