Pyth Targets $50 Billion Market Data Industry With Institutional Subscription Launch
Pyth Network, the blockchain-based market data provider, has rolled out a subscription service for institutions that will deliver pricing across cryptocurrencies, equities, fixed income, commodities and currencies, expanding its reach well beyond its DeFi roots.
The service, called Pyth Pro, was developed with Douro Labs and opened in an ahead access program that included trading firm Jump Trading Group and several major banks. The company says the product is designed to address long-standing frustrations with traditional data providers, from fragmented feeds to opaque pricing.
“Pyth Pro sets a new standard for how institutions access market data, creating a single source of reality across asset classes, venues, and geographies,” said Mike Cahill, chief executive of Douro Labs. He described the launch as “a step forward in closing the gap to true price discovery with broad coverage, transparent economics, and a service designed to become the most comprehensive financial data layer in the world.”
The push marks Pyth’s formal entry into the institutional data market, which industry trackers value at roughly $50 billion a year and where incumbents such as Bloomberg, LSEG’s Refinitiv, ICE and S&P Global have long dominated.
From Solana Oracle to Enterprise Offering
Founded in 2021, Pyth built its reputation as a blockchain oracle that pipes first-party price data directly from platforms and trading firms onto chains. Rather than aggregating delayed public feeds, it distributes prices supplied by sources like Jump and other major market makers at low latency, making it popular for derivatives protocols and lending platforms across more than 50 blockchains.
In late 2023, Pyth introduced its PYTH governance token via a wide airdrop and has since expanded coverage to hundreds of data feeds. With Pyth Pro, the network is now packaging the identical raw inputs into a contractual, subscription-based product tailored for desks that require service-level guarantees, commercial clarity, and integration support.
ahead Backers
Jump Trading’s involvement is notable. The Chicago-based prop shop was among the earliest data publishers on Pyth and has provided liquidity and technology support for years. “We’re proud to be long-term supporters of Pyth, which has developed one of the most comprehensive and valuable sources of market data ever created,” a Jump spokesperson said. “Pyth Pro makes that data accessible to more consumers, including traditional financial firms, and brings competition to the market data economy by providing the purest form of data directly from the source.”
The unnamed banks participating in the trial are another sign of how crypto-born infrastructure is begining to cross into traditional financial workflows, where large institutions spend heavily on equities, FX and credit market feeds.
Why It Matters
Enterprise purchaviewrs have long complained about costly vendor contracts and integration hurdles. By offering a single integration with transparent terms, Pyth hopes to capture budget from banks and asset managers looking for alternatives. Even a modest share of the global spend would be meaningful for a network that began as an open-source project on Solana.
The launch also tests whether blockchain-native networks can challenge entrenched data vendors on coverage and latency. Pyth says its model, with prices delivered directly from trading venues and market makers, avoids the duplication and lag of conventional data distribution.
The key questions are whether Pyth Pro can add enough venues and asset classes to compete with incumbent providers, and how rapidly institutions will trust a crypto-born data service for core pricing. Clear licensing terms and redistributions rights will be decisive factors.
For now, the service gives banks, brokers and funds a new source of cross-asset data, and pushes Pyth from the world of DeFi apps into the far larger and more lucrative universe of institutional finance.
