GTS: Global Market Maker Joins Solana Project

UTC by Babafemi Adebajo · 2 min read
GTS: Global Market Maker Joins Solana Project
Photo: NYSE / Twitter

Through an independent node on the Pyth network, GTS will supply real-time data to help in developing decentralized finance solutions.

Leading New York Stock Exchange (NYSE) player Triple-S Management Corporation (NYSE: GTS) is set to join the Solana project. The large corporation announced last week that it would join the decentralized finance ecosystem by becoming a part of the Solana-based market data project.

Solana is a project situated globally. It provides a chance for businesses to scale their operations while ensuring decentralization and maximizing security. Through an independent node on the Pyth network, GTS will supply real-time data that will help the network handlers develop decentralized finance solutions. This level of data will be used to “make smart contracts work smarter.”

It is estimated that the team behind Solana is looking to raise up to $450 million in funding.

About GTS and Its Interest in Joining Solana

GTS is a global market maker that utilizes innovation, market expertise and proprietary technology to create an efficient and transparent financial market. After existing for up to 18 years, the corporation is a top designated market maker (DMM) for the NYSE and is best known for deftly handling initial public offerings (IPO). To their plus, the company has handled the biggest IPO worldwide (for Alibaba).

GTS trades over 50,000 instruments worldwide and accounts for 3-5% of daily cash equities. Boasting a total market cap of $12.4 trillion and 1200 stocks, the firm takes up to 35% of the entire NYSE market share.

With GTS now joining the Pyth Network, one can only look forward to the next few months. Director of Strategic Initiatives for Jump Trading, Kanav Kariya, speaking for the Jump Trading Group believes that with an experienced trading firm like GTS on board, the ability of the network to generate smarter data will increase.

The Pyth Network was first announced on a podcast hosted by Jump Capital in April. It was announced by Dave Olsen, president and Chief Investment Officer at Jump Trading and Sam Bankman-Fried CEO FTX.

The network is focused on finding fresh and cheap methods of bringing unique data on-chain and aggregating the same securely. 

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