KuCoin Exchange & Pyth Network Collaboration Details
The worldwide crypto exchange known as KuCoin made the announcement that it will be forming a strategic partnership with the Pyth network. Pyth network is a next-gen Oracle solution that was built on the Solana blockchain. Its primary goal is to supply decentralized applications with reliable and verifiable market data. As a result of the collaboration, KuCoin will be able to bring all cryptocurrency market prices entirely on-chain through the provision of real-time pricing of trading pairs that are listed on KuCoin.
Pyth network is a prominent actor in the DeFi ecosystem, having established one of the largest and most dependable oracle networks. This network is derived from pricing data that is being given by currently over 60 top institutions in both traditional and cryptographic forms of finance. This is accomplished by the network offering financial incentives to market players, such as trading companies, market makers, and exchanges, for the purpose of encouraging them to directly communicate on-chain the pricing data that is gathered as part of their ongoing business activities. The network will then aggregate this first-party pricing data while it is still on the chain and make it accessible for usage by apps that are either on the chain or off the chain.
KuCoin is a worldwide cryptocurrency exchange that began its operations in September of 2017, and its headquarters are located in the Republic of Seychelles. As a user-oriented platform with a concentrate on equality, fairness, and community action approach, it currently offers spot trading, P2P fiat trading, margin trading, futures trading, staking, and loaning to its 18 million users located in 207 countries and regions. In addition, it offers more than 700 digital assets.
In 2022, KuCoin was valued at a total of $10 billion and was able to attract over $150 million in investments in a pre-Series B deal. This brought the firm’s revenue investments to $170 million when coupled with Round A investments. According to CoinMarketCap, KuCoin is now ranked as one of the top five cryptocurrency exchanges. KuCoin was recognized by Forbes as being one of the best cryptocurrency exchanges for 2021. KuCoin was selected as the best cryptocurrency app for enthusiasts by The Ascent in 2022.
Latency-sensitive financial data is generally stored within the “walled gardens” of centralized organizations. Pyth network is a customized oracle solution that can access this type of data quickly and efficiently. Pyth network is committed to locating an innovative and cost-effective method for bringing this one-of-a-kind data on-chain and safely aggregating it.
Johnny Lyu, KuCoin CEO, informed: “As the People‘s Exchange, KuCoin is committed to providing users with a better crypto experience while also joining forces with more organizations to bring crypto to the masses. Bringing real-world data on-chain is one of the infrastructures of the DeFi world. We look forward to building a more transparent on-chain data marketplace in the blockchain industry through Pyth network as a key partner, which will help to create a new DeFi world that is more collaborative and open and accelerates crypto to mass adoption.”
Stephen Kaminsky, who is the Special Projects Manager at Jump Crypto, and recent lead investor in the most recent investment round for KuCoin, added: “Consistently amongst the top five exchanges globally for all crypto trading with over 18 million users worldwide, KuCoin has clearly established itself as a leading player in the digital asset ecosystem. This market position in parallel with their ability to extract high-quality data makes them natural data provider partners for Pyth. KuCoin’s increased recent focus on DeFi and Web3 is also directly in line with the Pyth mission to support on-chain projects and protocols.”