Institutional cryptocurrency exchange AAX has inked a partnership with decentralized financial data provider, Pyth Network, to provide real-time cryptocurrency pricing data on the platform.
Pyth Network is a Solana-based data aggregation platform that serve as an oracle, providing data for the DeFi market. It helps solve a problem faced by many applications by sourcing high-fidelity and time-sensitive data occurring on- and off-chain to smart contracts located on any blockchain
Through its database overlooking crypto, equities, and FX markets, Pyth Network serves as a data gateway between real world markets and the blockchain. Its information system is utilized by crypto desks and trading exchanges who rely on its platform to obtain accurate, real-time data.
By partnering with Pyth Network, AAX also contributes regular and live market data, which users are able to access directly in a sub-second timescale.
Pyth network counts several top partners including FX and cryptocurrency institutional exchange LMAX Group and digital assets merchant bank Galaxy Digital.
“The rise of crypto encompasses more than the emergence of a new asset class alone. More importantly, it’s about imagining a new financial system in terms of culture and infrastructure, and then building it. Our integration with the Pyth network forms part of an ongoing effort to build more resilience and integrity into the crypto markets, better connect and synchronise top-tier trading firms in the industry, and ultimately optimize user experience,” said Ben Caselin, Head of Research and Strategy at AAX.
AAX offering continues to grow and mature
Powered by London Stock Exchange Group’s LSEG Technology’s matching engine, AAX lowers the access barrier for novice traders using several initiatives, including zero trading fees. In 2021, the cryptocurrency venue has seen its trading volumes more than doubled.
AAX lets users trade major cryptocurrencies, as well as a wide basket of DeFi-centric currencies like Solana, Chainlink, Uniswap, Aave and more.
Earlier last month, AAX announced a highly attractive integration with crypto sentiment analysis and market data platform, The Tie. The integration of The TIE’s proprietary sentiment data customizes the ultimate trading experience of its clients.
Thanks to this alliance, AAX users can overlay sentiment and technical indicators in the same chart. They also can create customized alerts with multiple rules on a specific coin, which are then shown on the platform or sent to the user via email. The visual data provides traders with an early heads-up on market-moving trending topics and enables them to access a set of actionable insights for digital assets.