Singapore’s leading broker KGI Securities (Singapore) Joins Pyth Network Bringing Market Data to the Blockchain
KGI Securities (Singapore) to provide FX data on-chain through Pyth network
[SINGAPORE], 13 August 2021 – KGI Securities (Singapore) (“KGI” or “the Company”), a leading brokerage in Singapore, today announced that it has joined the Pyth network, a decentralized financial blockchain platform that will provide trusted and verifiable market data to a new generation of decentralized applications. By joining the network, KGI will initially contribute real-time FX market data to a node on the Pyth network, and plans to later expand into equities.
KGI joins many other leading market participants in the Pyth network to publish precise, real-time market data to the blockchain as decentralized finance (DeFi) grows. Recently announced members include DRW, Coinshares, CMS, IEX Cloud, Akuna Capital, GTS, LMAX, Virtu Financial, CTC, Genesis Global Trading, FTX and BSX.
“We were instantly intrigued by the Pyth network and the way it is leveraging DeFi applications to revolutionize the financial markets,” said Ken Ong, Chief Executive Officer, KGI Securities (Singapore). “We are eager to contribute our sophisticated FX market data to the network and thereby accelerate the transformation of DeFi applications and our financial ecosystem.”
The Pyth Network is built on Solana, a blockchain that handles quick and efficient transmission of fast-moving data, and other blockchains to deliver aggregated market data across protocols. Using the network, data owners like KGI are able to contribute their data, and consumers will be able to acquire that data and consume it directly from a blockchain.
“Jump is excited to see the addition of KGI as the first Asia domiciled Pyth network data provider,” said Kanav Kariya, Director of Strategic Initiatives, Digital Assets, Jump Trading Group. “Their strong position in the Asian markets will expand the breadth of financial market data possible through Pyth and we are looking forward to seeing how KGI’s support expands its global reach and the DeFi ecosystem through this oracle solution.”
About KGI Securities (Singapore) Pte. Ltd.
KGI Securities (Singapore) is a pioneer Securities & Derivatives, Trading and Clearing Member of Singapore Exchange as well as a pioneer member of ICE Futures Singapore & ICE Clear Singapore. We offer our valued clients round the clock (24-hour) single-touch point for multi-asset clients and 24 hour high-touch desk for global products. We are supported by our strong parentage – KGI Securities Co. Ltd., which is the second largest securities firm in Taiwan in terms of market share of the brokerage business and a wholly owned securities arm of TWSE-listed China Development Financial Holding Corporation.
About the Pyth Network
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 aggregating it securely. For more information about the Pyth network, please visit pyth.network.