Cryptocurrency Exchange KuCoin Forms Strategic Partnership With Pyth Network

Posted on June 1, 2022 in Cryptocurrency

Seychelles-based cryptocurrency exchange KuCoin has announced a strategic partnership with Pyth Network, citing KuCoin’s statement, according to the Financial Post.

Recently, KuCoin is committed to providing the Pyth network with real-time prices of trading pairs listed on KuCoin, providing the Pyth network with all currencies traded on KuCoin to complete a complete crypto market price chain.

A Pyth network is a specialized oracle solution for processing latency-sensitive financial data, typically kept behind a “walled garden” of a central authority.

The point of the Pyth network is to find new, inexpensive ways to store this unique data on-chain and securely aggregate it.

KuCoin CEO Johnny Lyu said: “As a People’s Exchange, KuCoin is committed to providing users with a better crypto experience while working with more organizations to bring crypto to the public. Bringing real data on-chain is one of the infrastructures of the DeFi world. We look forward to building a more transparent on-chain data market in the blockchain industry with the Pyth network as our key partner. This will help create a new world of DeFi that is more collaborative and open, and will accelerate mass adoption of cryptocurrencies.”

KuCoin Exchange, the world’s fifth-largest brokerage platform by volume, has announced a pre-series B funding round that has raised $150 million.

The global cryptocurrency exchange has joined the list of other trading platforms such as the FTX derivatives exchange and Coinbase, which are currently worth over $10 billion.

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