MEMX, a market operator founded by a diverse group of participants to benefit all investors, today announced that it will deliver real-time equities pricing data from its exchange to the Pyth network, a decentralized financial market data distribution platform designed to bring real-world data on-chain on a sub-second timescale. As the fastest-growing U.S. equities exchange with 4% market share, MEMX will help the Pyth network scale by providing robust, trusted, and verifiable equities market data on-chain.
Just over a year old, MEMX in its first year of operation grew to be the largest independent exchange with the sixth-largest market share of the sixteen U.S. equity exchanges. The exchange commenced trading on September 21, 2020. Since January of 2021, MEMX’s market share has grown 21% on average month over month. The exchange trades more than 7,500 symbols and continuously quotes at the best market prices in thousands of securities throughout much of the day.
“At MEMX, we are committed to financial innovation that benefits the broad investment community,” said Jonathan Kellner, CEO of MEMX. “We want to make our exchange data accessible to participants, wherever they are interested in consuming it, and the Pyth network is an exciting opportunity to bring high fidelity data directly to Defi consumers. We are excited to support this effort by providing MEMX’s robust equities exchange data to the Pyth network.”
Further improvements in DeFi require high-fidelity, time-sensitive data but historically there has been no way to access such data on-chain as it is typically kept behind the “walled gardens’’ of centralized institutions. Pyth solves that problem by bringing real-world data on-chain in a tamper-resistant environment.
“MEMX has demonstrated a willingness to challenge the status quo and embrace innovative technology,” said Dave Olsen, President and Chief Investment Officer of Jump Trading Group. “Their growth and focus have allowed them to become a promising U.S. equity exchange, and their equity pricing data will be a valuable addition to the Pyth network.”
MEMX will form a new entity, MEMX Digital Assets, using its own technology, maintained in the cloud, to consume MEMX exchange data and periodically publish a subset of that data to the Pyth network.
Founded in 2019 by diverse members of the global financial community, MEMX is an innovative, customer-centric market operator, focused on creating and promoting a fair, transparent, and efficient experience for all investors. MEMX offers a new option to investors, with a simpler platform and features to benefit both retail and institutional investors. For more information on MEMX, please visit www.memx.com and follow @memxtrading.
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.