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Amber Group Becomes Latest Crypto-Centric Member of Pyth Network: Details

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Thu, 09/16/2021 - 11:07
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Vladislav Sopov
Amber Group will broadcast data to Pyth Network decentralized market info distribution module
Amber Group Becomes Latest Crypto-Centric Member of Pyth Network: Details
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Amber Group, a top-tier Asian fintech conglomerate, has joined the club of Pyth Network's data providers. It will strengthen the infrastructure of this multi-source data network.

Amber Group enters into a partnership with Pyth Network

According to a press release shared with U.Today, digital assets ecosystem Amber Group and decentralized market data platform Pyth Network inked a long-term partnership. Through this partnership, Amber Group will supercharge Pyth Network's data architecture with on-chain price metrics.

Amber Group joins Pyth Network
Image by Amber Group

As such, all decentralized finances (DeFi) protocols supplied by the Pyth Network will be able to utilize "real" on-chain data instead of that broadcasted by centralized platforms. This upgrade makes the entire system more attack-resistant, decentralized, tamper-proof and transparent.

Michael Wu, Chief Executive Officer of Amber Group, stresses that both the vision and goals of his team are well aligned with those of Pyth Network:

Joining the Pyth Network was an obvious decision for us as we share a common goal to make markets more accessible and transparent for trading participants through blockchain technology and decentralized finance. The Pyth Network is one of the most exciting and promising projects that we've seen hit the ecosystem and we look forward to providing our crypto data to help it flourish.

Currently live in beta-mainnet, Pyth Network indexes market data from dozens of vendors. Cryptocurrency, stock market, metals and ForEx heavyweights are connected to Pyth Network's tookit in order to ensure the most accurate pricing for all assets.

Pyth Network addresses empowering DeFis on multiple blockchains (Ethereum, Binance Smart Chain, Solana and so on) with reliable data sources.

Amber Group expands with solid VC backing

By this partnership, Amber Group yet again reaffirms its focus on expanding into various segments of the DeFi metaverse. Its flagship product, Amber App, allows its customers to store and exchange crypto, earn yield, take part in staking processes and experiment with lending/borrowing modules.

As U.Today previously reported, Amber App's net payouts to its customers surpassed $65 million by Q4, 2021. Its aggregated trading volume exceeded $500 billion for various products, while total value locked (TVL) metrics surged above $1.5 billion.

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Amber Group Net Sum of Interest Paid Surpasses $65 Million

In June 2021, Amber App became the latest Asian fintech unicorn as its Series B funding pushed its valuation over $1 billion. Led by a clutch of high-profile VCs and angel investors, this round allowed Amber App to secure $100 million in fresh funding.

In August 2021, the application expanded to a number of regions with high interest in cryptocurrencies. With new languages and community programs added, Amber App now speaks English, Simplified Chinese, Traditional Chinese, Korean, Spanish, Portuguese, Japanese, Turkish and Russian.

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About the author

Blockchain Analyst & Writer with scientific background. 6+ years in IT-analytics, 3+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)