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AltcoinsAMINA Bank Joins Forces with Pyth Network to Transform DeFi Data

AMINA Bank Joins Forces with Pyth Network to Transform DeFi Data

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AMINA Bank, a well-known name in the world of Swiss digital banking, has formed a strategic partnership with Pyth Network, a leading decentralized financial oracle. This collaboration aims to revolutionize the provision and utilization of digital asset prices in the financial industry. By providing real-time data on digital asset prices to Pyth Network, AMINA Bank aims to enhance the accuracy and efficiency of financial services, particularly in decentralized finance (DeFi).

By utilizing its resources to improve Pyth Network’s offerings, AMINA Bank is actively participating in the evolution of financial services, making them more accessible and reliable for users across different sectors. This initiative is expected to play a crucial role in bridging traditional banking with the growing sector of Web3 applications, enhancing user experiences and financial engagement.

The Pyth ecosystem is delighted to welcome AMINA Bank as a new data provider. AMINA Bank is a licensed Swiss bank and a pioneer in finance, with expertise in digital assets that enhances the reliability and offering of Price Feeds. This collaboration supports Pyth Network’s mission to deliver real-time asset prices to Web3.

Innovating Financial Data Accessibility

According to the announcement, the integration between AMINA Bank and Pyth Network aims to provide enhanced data accuracy to the DeFi community. Anes Fific, COO of AMINA Bank, stated that this partnership is a significant milestone in their effort to merge traditional finance with Web3 technologies. By contributing their digital asset price data to Pyth Network, AMINA Bank supports the infrastructure that enables informed decision-making in the crypto and DeFi spaces.

This collaboration also positions AMINA Bank as a trailblazer among banking institutions in adopting and adapting to decentralized technologies. As the first banking entity to contribute to Pyth Network’s community of data providers, AMINA sets a precedent for how regulated financial entities can engage with and benefit from decentralized financial ecosystems.

Michael Cahill, CEO of Douro Labs, commented on the partnership, highlighting the potential for new business opportunities it creates for AMINA Bank without significant overhead costs. Cahill particularly noted, “As Pyth Network expands its on-chain financial price data offerings for smart contract developers, we are pleased to welcome AMINA Bank to the community of data providers. By providing this data, AMINA Bank can generate an entirely new revenue stream for their business without incurring significant costs.”

Expanding Horizons in Digital Asset Management

Since obtaining a Swiss banking and securities dealer license in August 2019, AMINA Bank has been at the forefront of digital asset management. With operational hubs in Switzerland, Abu Dhabi, and Hong Kong, AMINA combines a wide range of financial services with stringent security measures, offering a unique value proposition in the global market.

On the other hand, Pyth Network, established in April 2021, has quickly become a significant provider of financial data. It offers over 500 real-time price feeds across various asset classes to more than 50 blockchain ecosystems, highlighting its role as a pivotal player in the financial oracle space.

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