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Amber Group Becomes Latest Crypto-Centric Member of Pyth Network: Details

Amber Group Becomes Latest Crypto-Centric Member of Pyth Network: Details

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U.TODAY | 2021/09/16

Amber Group enters into a partnership with Pyth Network


According to the press release shared with U.Today, digital assets ecosystem Amber Group and decentralized market data platform Pyth Network inked a long-term partnership. Through this partnership, Amber Group will supercharge Pyth Network's data architecture with on-chain prices metrics.


As such, all decentralized finances (DeFi) protocols supplied by Pyth Network will be able to utilize 'real' on-chain data instead of that broadcasted by centralized platforms. This upgrade makes the entire system more attack-resistance, decentralized, tamper-proof and transparent.


Michael Wu, Chief Executive Officer of Amber Group, stresses that both vision and goals of his team is well aligned with that of Pyth Network:


Joining the Pyth Network was an obvious decision for us as we share a common goal to make markets more accessible and transparent for trading participants through blockchain technology and decentralized finance. The Pyth Network is one of the most exciting and promising projects that we’ve seen hit the ecosystem and we look forward to providing our crypto data to help it flourish


Currently live in beta-mainnet, Pyth Network indexes market data from dozens of vendors. Cryptocurrency, stock market, metals and ForEx heavyweights are connected to Pyth Network's tookit in order to ensure most accurate pricing for all assets. 


Pyth Network addresses empowering DeFis on multiple blockchains (Ethereum, Binance Smart Chain, Solana, and so on) with relaible data sources.


Amber Group expands with solid VC backing


By this partnership, Amber Group yet again reaffirms its focus on expanding into various segment of DeFi metaverse. Its flagship product, Amber App, allows its customers to store and exchange crypto, earn yield, take part in staking processes, experiment with lending/borrowing modules.


As U.Today previously reported, Amber App's net payouts to its customers surpassed $65 million by Q4, 2021. Its aggregated trading volume exceeded $500 billion for various products while total value locked (TVL) metrics surged above $1,5 billion.


In June 2021, Amber App became the latest Asian fintech unicorn as its Series B funding pushed ita valuation over $1 billion. Led by the clutch of high-profile VCs and angel investors, this round allowed Amber App to secure $100 million in fresh funding.


In August, 2021, the application expanded to a number of regions with high interest in cryptocurrencies. With new languages and community programs added, Amber App now speaks English, Simplified Chinese, Traditional Chinese, Korean, Spanish, Portuguese, Japanese, Turkish and Russian.


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