KuCoin, a major cryptocurrency exchange, said on Monday that it has inked a partnership with Pyth Network, an Oracle solution built on the Solana blockchain . According to the press release, such a deal will allow KuCoin to provide real-time prices of trading pairs listed on the exchange to Pyth Network.
“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,” Johnny Lyu, the CEO of KuCoin, commented.
What Is Pyth Network?
In the DeFi ecosystem, Pyth Network operates one of the largest and most reliable oracle networks, derived from price data contributed by more than 60 leading institutions, both in crypto and traditional finance.
Market participants, trading firms, market makers and exchanges are rewarded for directly sharing on-chain the price information collected through their existing operations. Afterwards, the network aggregates this first-party price data and makes it available to both on-chain and off-chain applications.
“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,” Stephen Kaminsky, the Head of Special Projects at Jump Crypto.
