KuCoin joins Pyth Network to share price data on-chain
“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.”
KuCoin has partnered with Pyth network to provide real-time prices of trading pairs listed on the cryptocurrency exchange to the Solana-powered Oracle solution.
Pyth Network was designed to provide trusted and verifiable market data to decentralized applications and KuCoin joined the network to bring crypto market prices fully on-chain as Pyth is focused on finding a new and inexpensive way to bring this unique data on-chain and aggregating it securely.
Pyth now counts with nearly 60 leading institutions in crypto and traditional finance on the network, which incentivizes 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 (still on-chain) and makes it available for use by either on- or off-chain applications.
KuCoin new focus on DeFi is in line with Pyth
Johnny Lyu, Chief Executive Officer at KuCoin, 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 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.”
Stephen Kaminsky, Special Projects at Jump Crypto, one of the leading institutions helping to support Pyth, and recent lead investor in the latest funding round for KuCoin, commented: “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.”
KuCoin is among top 5 crypto exchanges
KuCoin was launched in 2017 and has grown to become one of the top 5 crypto exchanges according to CoinMarketCap. Headquartered in Seychelles, the “user-oriented platform with focus on inclusiveness and community action reach” offers more than 700 digital assets, and currently provides spot trading, margin trading, P2P fiat trading, futures trading, staking, and lending.
Boasting 18 million users in 207 countries and regions, the crypto exchange has recently 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.
Pyth Network keeps onboarding new partners
In March, Pyth partnered with Vancouver-based Aquanow, digital asset infrastructure company and crypto liquidity provider that enables institutional and enterprise use-cases for digital assets such as custom trading, payment, yield, and wallet solutions. The firm reports volumes in the billions through the platform each month.
The Pyth network delivers timely, accurate, and valuable data on-chain and on a sub-second timescale and gathers more than 45 prominent data publishers across various asset classes, including digital assets, equities, and FX.
Among its 60 publishers of first-party quality data, Pyth counts with Cumberland DRW, Flow Traders, FTX, Galaxy Digital, Jane Street, Jump Trading Group, LMAX, Two Sigma Securities, Virtu Financial, and Peak6.
