Amber Group, one of the top peer-to-peer trading firms, announced a collaboration with the Pyth Network, which is a decentralized data offering firm for financial markets. Amber Group is working towards the solo crypto market service for the Pyth network as part of the cooperation.
Further advancements in DeFi necessitate crucial data. However, it has been traditionally unavailable for access on-chain since it is generally hidden in centralized organizations. Pyth overcomes this issue by putting the original data onto the blockchain in a particular context.
Michael Wu, the Chief Executive Officer of Amber, said it was a quick decision to connect with the Pyth network since it shared the objective of using blockchain technology and finance in a decentralized method, making the crypto market transparent for trade participants. Pyth Network is a futuristic initiative in the industry, and Amber is excited to provide crypto-related data, helping it to succeed.
Amber Group is one of the most prominent crypto finance service providers. It has around 500 clients and over $500 billion in terms of assets in control, having transacted about $500 billion in more than 100 electronic exchanges. The firm is extending its global operations to provide peer-to-peer financial items to additional countries. This will help in making markets investors friendly.
Amber reportedly earned $100 million funding under Series B in June 2021, boosting its overall valuation by $1 billion. This is ten times more than its earlier funding round of Series A in 2019, when the firm received $28 million at a valuation of $100 million.
Amber Group works as a leading primary crypto financial service provider, having offices in Hong Kong, Vancouver, Taipei, and Seoul, open 24 hours a day, seven days a week. Top firms like the China Renaissance, Tiger Global Management, Tiger Brokers, Paradigm, and others have invested $128 million in the firm.
Pyth Network offers customized solutions in Oracle for securing financial data usually held behind centralized institutions’ “walled gardens.” Pyth Network focuses on developing a novel and low-cost method to collect data into the blockchain and safely aggregate it.