KuCoin Partnered with Pyth Network to Bring the Crypto Market Price On-Chain

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VICTORIA, Seychelles–()–The global cryptocurrency exchange KuCoin announced that it is strategically partnering with the Pyth network, a next-generation Oracle solution based on the Solana blockchain and designed to provide reliable and verifiable market data for decentralized applications. With the partnership, KuCoin will provide real-time prices of trading pairs listed on the KuCoin to Pyth network, bringing crypto market prices fully on-chain.

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 now contributed by nearly 60 leading crypto and traditional finance institutions. The network does this by incentivizing market participants (trading firms, market makers, and exchanges) to share price data collected as part of their existing operations directly on-chain. The network then aggregates this proprietary pricing data (still on-chain) and makes it available for use by on-chain 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 data from the real world to the 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 the Pyth network as a key partner, which will help create a new DeFi world that is more collaborative and open and accelerate crypto for adoption. massive”.

“Consistently among the top five exchanges globally for all cryptocurrency trading with over 18 million users worldwide, KuCoin has clearly established itself as a leading player in the digital asset ecosystem. This position in the market, coupled with their ability to mine high-quality data, makes them a natural data provider partner for Pyth.” Commented Stephen Kaminsky, Special Projects at Jump Crypto, one of the leading institutions helping to support Pyth, and a recent lead investor in the latest funding round for KuCoin. “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-facing platform with a focus on inclusion and community action outreach, it offers more than 700 digital assets, and currently offers spot trading, margin trading, fiat P2P trading, futures trading, betting, and lending to its 18 million users in 207 countries. and regions.

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

About the Pyth 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 and inexpensive way to bring this unique data onto the chain and aggregate it securely.

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

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