As a provider of blockchain-based data oracle services, Pyth Network is launching a platform that helps financial institutions publish and monetize their market data on various blockchain networks. According to a statement released on Thursday, the Pyth Data Market will initially support datasets related to spot foreign exchange markets, precious metals, and crude oil swaps, allowing data publishers to have full control over the information they share.

The announcement also mentioned that in the initial phase of the platform’s operation, seven new institutional data providers will contribute price data to this market, including Euronext, the data service company Exchange Data International, the asset management firm Fidelity Investments, the OTC Markets Group, the foreign exchange division of the Singapore Exchange, and the Tradeweb trading platform.

This initiative demonstrates how blockchain technology can make it much easier for people to access financial data—data that has previously been controlled by a few select service providers, which charged high fees for high-quality market price information. Pyth’s network architecture allows users to purchase only the data they need, rather than having to buy entire datasets when they may not require all of them.

Michael James, the head of institutional business development at Pyth Network’s development team, Douro Labs, said that this model significantly reduces the costs for end-users. At the 2025 Consensus conference, James told Cointelegraph: “Traditional service providers have monopolized the financial data industry, which is worth 50 billion dollars. Emerging blockchain technologies like Pyth and Chainlink are challenging this status quo. In the traditional financial sector, these data suppliers have no competitors, so they hold absolute pricing power. Financial institutions such as banks, hedge funds, and trading companies are forced to purchase this data for compliance reasons.”

In August 2025, the U.S. Department of Commerce selected Pyth and the blockchain oracle service provider Chainlink to publish economic data on blockchain. According to previous announcements from Pyth, it was initially chosen to publish quarterly gross domestic product data, including historical GDP figures from the past five years. However, Pyth stated that it will soon add support for more government economic datasets.