Institutional market data provider Pyth Network has launched a new subscription service to provide market data spanning a variety of asset classes.
Specifically, the service – Pyth Pro – will deliver data across cryptocurrencies, equities, fixed income, commodities and foreign exchange, and will support the firm’s drive to enhance the market data supply chain through providing a new subscription-based service.
The new offering was developed in collaboration with Douro Labs, alongside participation from several major institutions in the Pyth Pro early access program, including Jump Trading Group.
“Pyth Pro sets a new standard for how institutions access market data, creating a single source of truth across asset classes, venues, and geographies,” said Mike Cahill, chief executive of Douro Labs.
“This launch represents a significant step forward in reshaping the market data economy, closing the gap to true price discovery with broad coverage, transparent economics, and a service designed to become the most comprehensive financial data layer in the world.”
The service is expected to deliver an alternative for traditional providers, and address common obstacles of fragmented coverage, opaque pricing and company integration challenges through single service providing global accessible data and transparent pricing.
Additionally, the launch marks the firm’s entry into the institutional market data industry, currently valued at $50 billion.
A spokesperson for Jump Trading Group said: “We’re proud to be long-term supporters of Pyth, which has developed one of the most comprehensive and valuable sources of market data ever created. Pyth Pro makes that data accessible to more consumers, including traditional financial firms, and brings competition to the market data economy by providing the purest form of data directly from the source.”