KuCoin Partners with Pyth Network to Bring Crypto Prices On-Chain
According to the official press release, the deal will allow KuCoin to provide real-time prices of trading pairs listed on the exchange to Pyth Network, bringing crypto market prices fully on-chain.
“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,” KuCoin CEO Johnny Lyu said in the statement.
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 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 and makes it available for use by either on- or off-chain applications.
KuCoin is a cryptocurrency exchange that offers over 700 digital assets to its 18 million users in 207 countries and regions.
In 2022, the platform raised over $150 million in investments through a pre-Series B round, bringing total investments to $170 million with Round A combined, at a total valuation of $10 billion.