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KuCoin has partnered with Pyth Network to price the crypto market on-chain | Your money

VICTORIA, Seychelles–(BUSINESS WIRE)–May 30, 2022–

Global cryptocurrency exchange KuCoin has announced that it is strategically partnering with the Pyth Network, a next-generation Oracle solution based on the Solana blockchain and designed to deliver reliable and verifiable market data to decentralized applications. Through this partnership, KuCoin will provide real-time prices of trading pairs listed on the KuCoin network to Pyth, bringing crypto market prices fully on-chain.

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KuCoin has partnered with Pyth Network (Graphic: Business Wire)

The Pyth network is a leading player in the DeFi ecosystem, having built one of the largest and most trusted oracle networks, derived from price data provided by nearly 60 leading institutions in crypto and traditional finance. To do this, the network encourages market participants – trading companies, market makers and exchanges – to directly share on-chain price data collected through their existing operations. The network then aggregates this first-party price data (still on-chain) and makes it available for use by on-chain or off-chain applications.

KuCoin CEO Johnny Lyu said, “As a People’s Exchange, KuCoin is committed to providing users with a better crypto experience while partnering with more organizations to bring crypto to the masses. Real-world data chaining is one of the infrastructures of the DeFi world. We look forward to creating a more transparent on-chain data market in the blockchain industry through the Pyth network as a key partner, which will help create a new, more collaborative and open DeFi world and accelerate the mass adoption of cryptography.

“Consistently among the top five global exchanges for all crypto exchanges with over 18 million users worldwide, KuCoin has clearly established itself as a top player in the digital asset ecosystem. This position on the market alongside their ability to mine high-quality data make 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 KuCoin’s latest funding round.”KuCoin’s recent increased focus on DeFi and Web3 is also directly in line with Pyth’s mission to support on-chain projects and protocols.”

About KuCoin

Launched in September 2017, KuCoin is a global cryptocurrency exchange with its operational headquarters in Seychelles. As a user-oriented platform focused on inclusivity and reach for community action, it offers over 700 digital assets and currently offers spot trading, margin trading, fiat P2P trading, term, staking and lending to its 18 million users in 207 countries. and regions.

In 2022, KuCoin raised over $150 million in investments in a pre-Series B round, bringing total investments to $170 million with the combined A round, for a total valuation of $10 billion. of dollars. KuCoin is currently one of the top 5 crypto exchanges according to CoinMarketCap. Forbes also named KuCoin one of the best crypto exchanges in 2021. In 2022, The Ascent named KuCoin the best crypto app for enthusiasts.

About the Python Network

The Pyth Network is a specialized oracle solution for latency-sensitive financial data that is typically kept behind the “walled gardens” of centralized institutions. The Pyth Network is focused on finding a new, low-cost way to string this unique data together and securely aggregate it.

For more information on the Pyth network, please visit pyth.network.

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SOURCE: KuCoin

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PUBLISHED: 05/30/2022 06:00 / DISK: 05/30/2022 06:02

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Copyright BusinessWire 2022.