VICTORIA, Seychelles--(BUSINESS WIRE)--KuCoin, a global leading cryptocurrency exchange, announced that it would adopt Chainlink Price Feeds to bring high-quality price reference data to Over-the-Counter (OTC) markets. Chainlink Price Feeds are open-source decentralized data feeds for cryptocurrency prices, FX rates, and other financial market data sets. Integrating Chainlink Price Feeds to KuCoin OTC market pricing will empower stronger assurances of receiving fair-market exchange rates with heightened transparency into where the rates are derived from.
KuCoin’s OTC market, also known as the P2P fiat trade market, now supports 21 fiats. It allows users to trade cryptocurrencies and fiat currencies directly with others at predefined prices agreed upon by both parties.
In order to meet the growing demand and volume, KuCoin OTC chooses Chainlink Price Feeds as the data solution. By integrating the industry-leading decentralized oracle network, KuCoin now has access to accurate and tamper-proof exchange rates between various fiat currencies and cryptocurrencies, which will help set floating rates in OTC markets. The initial integration involves the INR/USD and USDT/USD Chainlink Price Feeds, with more to come in the future to meet growing user demand.
Johnny Lyu, CEO of KuCoin, said that “As the ‘People's Exchange’, KuCoin aims to bring a better trading experience to users from the start of their crypto journey. Our integration of Chainlink Price Feeds will help lower the risk of slippage and increase transparency into the rates offered in our P2P Market Pricing. Given their reliability and accuracy, Chainlink Price Feeds will serve as trusted benchmarks in our P2P markets to help ensure that trades based on floating exchange rates are consistently in alignment with global markets.”
Chainlink is the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. Chainlink oracle networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations for enabling feature-rich applications. Chainlink currently secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries and offers global enterprises and leading data providers a universal gateway to all blockchains.
Launched in September 2017, KuCoin is a global cryptocurrency exchange for over 600 digital assets. It currently provides Spot trading, Margin trading, P2P fiat trading, Futures trading, Staking, and Lending to its 10 million users in 207 countries and regions around the world. In 2018, KuCoin secured $20 million in Round A funding from IDG Capital and Matrix Partners. According to CoinMarketCap, KuCoin is currently the top 5 crypto exchanges. Also, Forbes named KuCoin as one of the Best Crypto Exchanges for 2021.
To find out more, visit https://www.kucoin.com.