KuCoin Partners with Pyth Network to Bring the Crypto Market Price On-Chain
The global cryptocurrency exchange KuCoin announced that it is strategically partnering with Pyth network, a next-generation Oracle solution built on the Solana blockchain and designed to provide trusted and verifiable market data to decentralized applications. With the partnership, KuCoin will provide real-time prices of trading pairs listed on KuCoin to Pyth network, bringing crypto market prices fully on-chain.
Pyth network is a leading player in the DeFi ecosystem, having built one of the largest and most reliable oracle networks, derived from price data being contributed by now nearly 60 leading institutions in crypto and traditional finance. The network does so by incentivizing market participants — trading firms, market makers, and exchanges — to share directly on-chain the price data collected as part of their existing operations. The network then aggregates this first-party price data (still on-chain) and makes it available for use by either on- or off-chain applications.
KuCoin CEO Johnny Lyu stated: “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.”
“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.” Commented Stephen Kaminsky, Special Projects at Jump Crypto, one of the leading institutions helping to support Pyth, and recent lead investor in the latest funding round for KuCoin. “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.”