Virtu Financial, Inc. ( VIRT Quick Quote VIRT - Free Report) recently inked a deal with the Pyth Network whereby the company is required to provide its financial market data across equities, FX, futures and cryptocurrencies for usage through smart contracts via the Solana blockchain and other major blockchains. The company is expected to change the way pricing market data is generally used on the bockchain. This unique deal is also expected to lead to better asset pricing. The Pyth Network, built on the Solana blockchain, allows data owners to contribute their data on-chain and in a sub-second timescale. This adds to Solana Labs’ wins as it recently raised around $314 million from the leading industry players in an attempt to challenge Ethereum. This will enable the leading financial services provider to add to an evolving list of establishments supporting the Pyth Network. Notably, the most sophisticated market participants are providing better ways to distribute real-time market data with the help of blockchains to everyday investors. If crypto-currency experts are to be believed, these strategic moves are expected to lead to a decentralized finance push that will upset traditional banking and markets. The Pyth Network aims to publish high fidelity, streaming and immediately available market data through all other major blockchains at their fastest block times. Cryptocurrencies have rapidly garnered popularity over the past few years as a form of digital currency that can be used for online transactions, leading their prices to skyrocket. Moreover, the coronavirus crisis induced momentum in digital payments and contactless trading has led to increasing acceptance of blockchain technology-backed Bitcoin and other cryptocurrencies like Ethereum. This is the right time to join the Pyth Network for the currently Zacks Rank #2 (Buy) company. Price Performance
Shares of the company have gained 19.8% in the past year, outperforming its
industry’s growth of 12.7%. You can see the complete list of today’s Zacks #1 Rank stocks here. Image Source: Zacks Investment Research Other Stocks to Consider
Other companies worth considering in the same space include
XP Inc. ( XP Quick Quote XP - Free Report) , PJT Partners Inc. ( PJT Quick Quote PJT - Free Report) and Intercorp Financial Services Inc. ( IFS Quick Quote IFS - Free Report) . XP sports a Zacks Rank #1 (Strong Buy) while PJT Partners and Intercorp Financial hold a Zacks Rank of 2, currently. XP, PJT Partners and Intercorp Financial came up with a trailing four-quarter surprise of 30%, 59.4% and 257%, respectively. Infrastructure Stock Boom to Sweep America
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