Seychelles-based cryptocurrency exchange KuCoin has announced a strategic partnership with the Pyth Network, according to the Financial Post, citing the statement from KuCoin.
In the latest partnership, KuCoin is committed to providing real-time prices of trading pairs listed on KuCoin to Pyth network. This cooperation will also aggregate the real-time prices of all traded currencies on KuCoin to the Pyth network, completing the complete chain of crypto market prices.
The Pyth Network is a specialized oracle solution for processing latency-sensitive financial data that is typically kept behind a “walled garden” in a central authority.
The whole point of the Pyth network is to find a new cheap way to put this unique data on-chain and aggregate it securely.
KuCoin CEO Johnny Lyu said: “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.”
KuCoin Exchange, the world’s fifth-largest brokerage platform by trading volume, has announced a pre-Series B funding round in which it pulled $150 million.
The global crypto exchange has now joined the list of other trading platforms like FTX Derivatives Exchanges and Coinbase which is currently valued at above $10 billion.
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Source: https://blockchain.news/news/crypto-exchange-kucoin-forms-a-strategic-partnership-with-pyth-network