Pyth Network Selected by Nasdaq to Deliver Proprietary Data to Blockchain Platforms
Through a new collaboration, Nasdaq's TotalView market data will be made available to blockchain-based applications and diverse software platforms via Pyth's data marketplace.
Pyth, a financial data network operating onchain, has been chosen by Nasdaq to serve as the distribution channel for its proprietary market information to blockchain-based applications and various other software platforms.
The collaboration will initially focus on delivering Nasdaq TotalView, which serves as the exchange's comprehensive depth-of-book data stream. This feed encompasses every visible buy and sell order across all available price levels, in addition to order imbalance information surrounding both the opening and closing auction periods. Professional traders heavily rely on this feed due to its ability to offer a more comprehensive picture of market liquidity compared to conventional market quotes, as it reveals the complete order book structure.
Pyth has stated that its marketplace enables software applications to obtain first-party market data via a single integration point. The company explained that this service targets blockchain applications, digital asset exchanges, prediction markets, trading systems and various other software platforms seeking access to such data.
By joining Pyth, Nasdaq becomes part of a publisher group that already features exchanges like Euronext and OTC Markets, electronic trading platforms such as Tradeweb and Kalshi, market data provider Exchange Data International, SGX FX from Singapore Exchange, and the US Department of Commerce.
Nasdaq and ICE deepen digital asset strategies
This partnership between Nasdaq and Pyth represents another development in an ongoing series of initiatives by established exchange operators aimed at expanding their presence in the digital asset space through cryptocurrency products, blockchain infrastructure development and innovative market services.
During March, Nasdaq broadened its tokenization initiatives by forming a partnership with cryptocurrency exchange Kraken alongside its infrastructure affiliate Backed to create infrastructure that connects traditional equities with blockchain networks. This initiative represents an extension of the exchange operator's wider strategy to merge tokenized assets with conventional market infrastructure.
In the subsequent month, the SEC granted approval to Nasdaq's proposal for listing Bitcoin index options linked to the Nasdaq Bitcoin Index, establishing the groundwork for trading subject to approval from the Commodity Futures Trading Commission. Additionally, Nasdaq collaborated with CME Group to introduce cryptocurrency index futures that track a portfolio of seven digital assets, including Bitcoin, Ether, Solana and XRP, thereby broadening its regulated crypto derivatives offerings.
Similar initiatives have been undertaken by other exchange operators. ICE, which operates as the parent company of the New York Stock Exchange, formed a partnership with cryptocurrency exchange OKX during May to introduce perpetual futures connected to its Brent crude and West Texas Intermediate oil benchmarks, representing the initial product unveiled under the companies' wider partnership agreement.
Subsequently, ICE CEO Jeffrey Sprecher made an appeal to regulators to permit traditional exchanges to provide 24/7 onchain perpetual futures, contending that regulated venues should have the capability to compete with crypto-native platforms that are already providing these products.