One of NYSE’s largest market-makers is joining a Solana-based data project

HeadlinesNewsOne of NYSE’s largest market-makers is joining a Solana-based data project

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One of NYSE’s largest market-makers is joining a Solana-based data project

The Block1 week ago
Published on June 07, 2021 05:09 GMT+0edited on June 07, 2021 05:30 GMT+0

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One of the largest trading firms making markets on the New York Stock Exchange announced last week that it is breaking into the decentralized finance space by joining a Solana-based market data project. 

GTS — best-known for facilitating large initial public offerings on NYSE — joined Pyth Network, a data project led by high-speed trading firm Jump Trading. Announced by Jump in April, Pyth is essentially a platform that aggregates Wall Street's market data on the Solana blockchain. Sam Bankman-Fried's FTX is also involved with the project. 

Market data is the lifeblood for traders and has been a contentious issue on the Street. Historically trading firms have slammed large exchange venues—such as NYSE and Nasdaq—for unfairly increasing the cost of market data. In a sense, Pyth serves as a …