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AAX says its initiative with Pyth will lead to a smooth, and seamless trading experience for users interested in crypto market data.
Crypto exchange platform AAX (Atom Asset Exchange) has announced a partnership with specialized oracle network solution Pyth Network to provide real-time cryptocurrency market data. According to reports, the integration between both platforms will conclude before the month runs out.
The AAX and Pyth Collaboration
Pursuant to the partnership, AAX will integrate the Pyth Network to provide a continuous stream of crypto data. This data will aid Pyth’s top-tier digital currency market exchange, and immensely benefit financial institutions and smart contracts. This is so, because the crypto markets are notably characterized by extreme volatility.
The Pyth Network sources accurate crypto and market data occurring on- and off-chain to smart contracts located on any blockchain. Therefore, it is imperative for traders and smart contract developers to constantly keep abreast of the fast-paced nature of crypto markets. This is because even a split-second delay can result in missed opportunities. As a result, AAX’s real-time and trusted data is pivotal to an uninterrupted trading experience. Furthermore, the Pyth Network’s information system, a comprehensive database overlooking crypto, equities, and FX markets, can tap into AAX’s data provision. The information system has become so crucial that top trading firms and exchanges rely on it for spot on, real-time data.
AAX Executive Touches on the Company’s Initiative with Pyth Network
According to AAX Head of Research and Strategy, Ben Caselin, in a recent press statement:
“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.”
In addition, Caselin expressed optimism at the collaboration with the Pyth Network as a way of improving crypto market integrity. Furthermore, he also noted that these efforts would contribute towards enhancing the user experience. As the AAX executive put 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 synchronize top-tier trading firms in the industry, and ultimately optimize user experience.”
AAX on a Quest to See Increased Mainstream Adoption of Digital Assets
In December 2021, AAX revealed plans to further grow and expand its operations. Part of this effort involved increasing access to digital currencies by growing the visibility of its service. The crypto exchange platform announced a partnership with an auction house to sell the NFTs it previously exhibited at a fintech event. In addition, AAX also vowed to drive increased mainstream adoption of Bitcoin (BTC), and by extension other cryptos. According to AAX, an estimated 96.1% of people across the world do not operate or own any digital assets.
“More than a technology or a new asset class, we see Bitcoin as a driver of change that proposes a different set of principles around ownership, agency, borderlessness and sound monetary policy,” said Caselin.