According to reports, a renowned cryptocurrency exchange, identified as KuCoin just announced its “strategic” partnership pact with Pyth network. The exchange revealed the development in a post on its blog on Monday. Pyth network runs as a subsequent generation Oracle technology developed on Solana blockchain technology. The platform avails trusted technology and extensive market data for decentralized applications.
As revealed, the announced partnership intends to furnish real-time prices of trading items documented on the KuCoin to Pyth network. This is to generate crypto market prices fully on-chain. KuCoin partner, Pyth functions as a global leader in the DeFi ecosystem. It comprises one of the largest and most reliable oracle networks. The network achieves this feat through the exploration of the prices from data provided by approximately 60 leading organizations in crypto and conventional finance.
In addition, Pyth Network runs by encouraging trade firms, market makers, and exchange companies to stake instantly on-chain, price data obtained as a component of their existing operations. Pyth Network combines the first-party price data(still on-chain). The platform then makes it accessible for usage by either on- or off-chain applications.
KuCoin CEO reacts to the partnership with Pyth
The CEO of KuCoin, Johnny Lyu described the exchange as user-friendly. According to him, KuCoin continues to serve users, with top-notch crypto experiences. Lyu admitted that the platform usually achieves this by collaborating with other ventures to make crypto accessible to the masses. He further that the team looks onward to develop a more clear on-chain data trading place.
More so, Lyu revealed that the collaboration with the Pyth network tends to help develop a new DeFi world. According to him, such new DeFi appears more coordinated, and accessible and ensures massive adoption of crypto by the masses. Similarly, KuCoin currently ranks among the top five exchanges platform in the world with about 18million registered users. The exchange in recent times established itself as a prominent player in the digital ecosystem. In view of this partnership, KuCoin further becomes a realistic data provider for Pyth.
Founded in 2017, Kucoin enjoys huge presence in about 207 countries and regions. The exchange runs by availing 700 digital assets, margin trading, P2P fiat trading, futures trading, spots trading, staking and providing loans to its 18million users. Also, in 2022, the exchange platform raised $150 million in investment through pre Series B round and $170 million in round A.
Pyth network in its part functions as a technological oracle solution for latency-sensitive financial data. Lastly, The network seems focused on discovering a new and affordable way of bringing unique data on-chain and securing it. Also, Pyth is generally kept behind a “walled garden” of centralized organization.