One of NYSE's largest market-makers is joining a Solana-based data project

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One of the largest trading firms making markets on the New York Stock Exchange announced last week that it is breaking into the decentralized finance space by joining a Solana-based market data project. 

GTS — best-known for facilitating large initial public offerings on NYSE — joined Pyth Network, a data project led by high-speed trading firm Jump Trading. Announced by Jump in April, Pyth is essentially a platform that aggregates Wall Street's market data on the Solana blockchain. Sam Bankman-Fried's FTX is also involved with the project. 

Market data is the lifeblood for traders and has been a contentious issue on the Street. Historically trading firms have slammed large exchange venues—such as NYSE and Nasdaq—for unfairly increasing the cost of market data. In a sense, Pyth serves as a decentralized stream of market data that can be accessed through Solana. 

GTS plans to push its own market data onto Pyth through a node it will independently run, "furthering Pyth’s vision of having first-hand, real-time pricing available on high performance blockchains," according to a press release. 

“Real-time market data content across asset classes will be a giant step forward for developing decentralized finance/“DeFi” applications,” Ari Rubenstein, co-founder and CEO of GTS, said in a statement. “For DeFi applications to mature, the sophisticated integration of asset pricing that GTS excels in is an imperative. Our participation in the Pyth Network lends a solution to a long-standing gap in real-time public blockchain distribution of financial data.”

The team behind Solana is said to be raising as much as $450 million in new funding

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