Pyth Network Partners with Coinbase to Enhance Asset Pricing

Pyth Network has announced a strategic partnership with Coinbase International Exchange to revolutionize asset pricing in the crypto trading space.

This integration, dubbed “Pyth Lazer,” is set to deliver market truth at an institutional scale with an astonishing update speed of one millisecond.

This development comes at a time when cryptocurrency trading demands faster and more accurate price discovery mechanisms to support the industry’s exponential growth.

The announcement was made via a tweet from Pyth, highlighting the key benefits of Pyth Lazer: real-time market movements, direct market access, and institutional-grade reliability.

According to Marc Zeitouni, CEO of Coinbase International Exchange, this partnership aims to enhance the precision and speed of pricing data, thereby pushing the boundaries of crypto trading innovation.

The Growing Influence of Coinbase in the Crypto Space

Coinbase’s growing influence in the financial sector has been remarkable. With over $420 billion in digital assets under management (AUM), the exchange has surpassed traditional banking institutions like New York Community Bancorp, which reported a loss of $260 million in Q4 2023 following its acquisition of Signature Bank.

Meanwhile, Coinbase reported a net profit of $273 million in the same period, marking a significant turnaround since Q4 2021.

Coinbase CEO Brian Armstrong has highlighted the exchange’s potential to become a financial powerhouse, stating that if Coinbase were classified as a traditional bank, it would rank as the 21st largest in the U.S.

Furthermore, if categorized as a brokerage firm, it would hold the 8th position in terms of AUM.

Armstrong envisions a future where cryptocurrency platforms integrate traditional financial services, creating an all-in-one “neobank” model for users.

He believes that the financial system’s evolution will see a greater percentage of global GDP operating on crypto rails, leading to sound money, lower friction transactions, and increased economic freedom.

Despite these advancements, Armstrong and Coinbase’s Senior Director of Engineering, Chintan Turakhia, acknowledge the challenges that hinder mainstream crypto adoption.

Issues such as complex wallet setups, high transaction fees, and the necessity of acquiring blockchain-native tokens before transactions remain key barriers.

Addressing these friction points will be critical in onboarding the next billion users into the crypto ecosystem.

Pyth’s Expanding Network and SEC’s Regulatory Retreat

This partnership between Pyth Network and Coinbase is not the first major collaboration for Pyth.

Last year, Pyth Network formed a similar alliance with The Open Network (TON) to provide high-quality data feeds to developers within the TON ecosystem.

This integration allowed TON developers to access real-time price data, enhancing the reliability and efficiency of decentralized finance (DeFi) applications on the network.

This major partnership announcement also follows a significant regulatory shift in the U.S. crypto landscape.

Following the new pro-crypto administration, the Securities and Exchange Commission (SEC) recently dropped its enforcement case against Coinbase.

The case, initially filed in 2023, accused Coinbase of operating as an unregistered securities exchange and failing to register its staking program properly.

With President Donald Trump’s administration taking a more pro-crypto stance, changes within the SEC have become evident.

More recently, a White House Crypto Summit hosted by President Trump and chaired by David Sacks, the AI & Crypto Czar, is scheduled for March 7, 2025, and will bring together crypto founders, CEOs, and investors to discuss the industry’s future.

For the crypto industry, these developments indicate a new era of innovation and institutional adoption.

As it stands now, with many innovations pioneering every day and regulations becoming clearer, we might be headed towards a bullish 2025.

The post Pyth Network Partners with Coinbase to Enhance Asset Pricing appeared first on Cryptonews.