Nasdaq has chosen Pyth, an onchain financial data network, to transmit its market data to blockchain applications and other software platforms.
The partnership will first cover Nasdaq TotalView. This is a market depth data feed showing all open buy and sell orders at different price levels. It also includes information about order imbalances before the market opens and closes.
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TotalView is often used by professional traders because standard quotes only show part of the picture. Here, the full order book is available, making it easier to understand where liquidity is concentrated and how market participants are placing orders.
According to Pyth, a single connection is enough to receive market data directly from their sources. This service may be useful for crypto exchanges, trading platforms, and other blockchain projects working with real-time data.
For Pyth , the partnership with Nasdaq is another major addition to its list of data providers. Previously, the platform had already connected with Euronext, OTC Markets, Tradeweb, Kalshi, Exchange Data International, SGX FX from the Singapore Exchange, as well as the U.S. Department of Commerce.
Nasdaq and ICE Double Down on Digital Assets
The collaboration with Pyth is far from Nasdaq’s first crypto project. In recent months, the exchange has stepped up its efforts in this area and has already launched several new initiatives.
In March, Nasdaq announced a partnership with Kraken and Backed. The companies want to make it possible to use regular stocks on blockchain networks and make working with tokenized assets easier.
A month later, the SEC approved Nasdaq‘s application for options linked to the Nasdaq Bitcoin Index. But trading has not started yet: the exchange still needs approval from the U.S. Commodity Futures Trading Commission.
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Nasdaq, together with CME Group, is also preparing index futures for seven cryptocurrencies. The basket will include Bitcoin, Ethereum, Solana and XRP. For Nasdaq this is a way to expand its range of regulated crypto-related products.
ICE is also moving in this direction. In May, the company that owns the New York Stock Exchange announced a partnership with OKX. The first product was perpetual futures on Brent and West Texas Intermediate.
Later, ICE CEO Jeffrey Sprecher said that traditional exchanges should be allowed to launch 24/7 onchain perpetual futures. He believes that regulated platforms should not lag behind crypto exchanges, where such instruments already exist.
