Pyth Network, a blockchain data oracle provider, is launching a platform for financial institutions to publish and monetize market data on blockchain networks.
According to Thursday’s report, the Pyth Data Marketplace will initially host datasets for the spot foreign exchange (FX), precious metals and crude oil markets, while allowing publishers to maintain “full control” over the data they share. announcement.
The announcement said the seven recent institutional data providers will publish price data feeds to the market upon launch.
These include exchange Euronext, data provider Exchange Data International, asset manager Fidelity Investments, financial exchange OTC Markets Group, Singapore Exchange FX and trading platform Tradeweb.
The announcement reflects how blockchain technology could democratize access to financial data, which has traditionally been controlled by a handful of service providers who charged exorbitant fees for high-quality market price data.
Related: Polymarket expands into stocks and commodities with Pyth price feeds
Pyth challenges incumbent data providers with blockchain technology
Pyth’s data pull model allows customers to pay for market data on demand, rather than customary push-based Oracle models that force users to pay for entire datasets they may or may not need.
According to Douro Labs, this could reduce costs for end users
James told Cointelegraph at Consensus 2025 that customary service providers are monopolizing the $50 billion financial data industry. This challenge is currently posed by recent emerging blockchain alternatives such as Pyth and Chainlink.
“These data providers have no competition in traditional finance, so they have all the pricing power in the world,” he said.
Banks, hedge funds, trading firms and other financial institutions are forced to buy this financial data for “compliance” reasons, James added.
In August 2025, the U.S. Department of Commerce selected Chainlink, a Pyth and Oracle Blockchain provider, to publish economic data on Chain.
Pyth was initially selected to publish quarterly gross domestic product (GDP) data, including five years of historical GDP data, in line with previous announcement from the Oracle provider.
However, Pyth anticipates adding support for more government economic data sets in the future.
Warehouse: Can blockchain solve the oracle problem?
