Hudson River Trading announced that it has joined the Pyth network, a next generation oracle solution designed to bring real-world data on-chain on a sub-second timescale. HRT will provide real-time US equities and crypto pricing data to a node on the Pyth network.
HRT joins a community of nearly twenty trading firms and exchanges, including Jump Trading Group, Virtu Financial, GTS, DRW Cumberland, BSX and LMAX. The Pyth network is a specialized oracle solution for latency-sensitive financial data that is typically kept behind the “walled gardens’’ of centralized institutions. The Pyth network is focused on finding a new and inexpensive way to bring this unique data on-chain and aggregate it securely.
Founded in 2002, HRT employs more than 500 people around the world and implements a quantitative approach to problem solving. The company handles nearly 10% of daily US stock trading volume and will contribute equities and crypto data to the Pyth network.
The Pyth network is built on Solana, a blockchain that can handle 50,000 transactions per second, making it well-suited for timely receipt and distribution of fast-moving data contributed from a diverse network of trusted data providers like HRT. The Pyth network is also designed to be a cross-bridge project working across other leading blockchains to provide seamless, interoperable solutions between platforms.
“HRT is at the forefront of innovation in the world of automated trading and our teams thrive on the excitement of being at the cutting edge of new technologies and projects,” said Brad Vopni, jead of Digital Assets at HRT, in a statement. “This is why we were eager to be a part of the Pyth network as we leverage the power of decentralized finance to build something that can transform our financial markets.”
Michael Cahill, head of Business Development in the EMEA Digital Assets unit of Jump Trading Group, said in a statement: “HRT’s leading market data will help this oracle solution become even more powerful and we look forward to witnessing the impact it will have on decentralized finance and our marketplace.”