Major Cryptocurrency exchange Kucoin has announced a partnership with Pyth Network to enable the company to offer real-time prices of trading pairs to Pyth Network, which is built on the Solana blockchain.
Chief Executive Officer of Kucoin, Johnny Lyu, stated that the crypto exchange is committed to offering users a better crypto experience. As a result, the plan is to enter into partnership deals with organizations that will bring crypto to the masses.
The Partnership Will Enhance Crypto Adoption
The partnership will bring real-world data and build a very transparent on-chain data marketplace in the blockchain industry. With the help of Pyth, Kucoin hopes to create a new DeFi world that is more open and collaborative, which will speed up the mass adoption of cryptocurrency, Lyu stated.
The Pyth Network is one of the largest Oracle network operators, which is drawn from price data contributed by more than 60 leading institutions, both in traditional finance and the crypto sector.
The network rewards exchanges, market makers, trading firms, and market participants for sharing directly on-chain the price details derived from their existing operations. The network further updates the first-party price data, making it available for both on-chain and off-chain apps.
KuCoin Attracts More Companies For Partnership
Kucoin has maintained its status as one of the top five largest crypto exchanges in the world. The platform has more than 18 million users worldwide. Additionally, the company also has the capability of attracting high-quality data, making it a natural data provider partner with Pyth.
Kucoin has also shown a high level of interest in Web3 and decentralized finance (DeFi). This is also in line with the Byth mission to offer support to on-chain protocols and projects.
Kucoin has already established itself as a top player in the digital assets ecosystem. The integration with Pyth will help to increase the company’s position in the market. The recent focus often exchanges on Web3 and DeFi is also part of the plans to enable increased crypto adoption across several markets.
KuCoin was launched in September 2017. The exchange has operational headquarters in Seychelles and offers more than 700 digital assets. Kucoin provides futures trading, P2P fiat trading, staking, margin trading, as well as spot trading.