The launch of new feeds on currencies of emerging markets by Pyth Network will unlock greater access for decentralised tools and platforms.
Decentralised oracle Pyth Network has launched new foreign exchange (FX) feeds for key emerging market currencies to expand its global financial data coverage.
The launch is part of Pyth’s mission to bring everything on-chain, and the list of emerging market currencies include the Chilean Peso, Colombian Peso, Indonesian Rupiah, Indian Rupee, South Korean Won, Peruvian Sol, Philippine Peso, and Taiwan Dollar.
The move to bring these emerging market feeds on-chain opens a number of opportunities. These include accessibility & democratisation of prices that are only known to banks, reflects more accurate demand with offshore FX rates, and it allows decentralised finance protocols and instruments to tap into these currency feeds of emerging markets.
“There’s one thing that this new launch illustrates perfectly, and that’s that Pyth Network is dead set on its mission to bring the price of everything on-chain,” says Mike Cahill, CEO of Duoro Labs, a contributor to the Pyth Network.
“By adding real-time FX price feeds for several key emerging market currencies, Pyth is continuing to deliver real-time, accurate price data straight from the source. This is effectively rewriting the market data economy, opening up access to financial information that’s historically only been reserved for those who are working at the right firms or those who can afford the most expensive trading terminals.”
