The KuCoin exchange has announced that it has incorporated price data feeds from the Chainlink service to its over-the-counter marketplace. The move will allow the exchange to provide its 10 million users with open-source decentralized price data on major cryptocurrencies traded on the venue, as well as information on other key financial market metrics.
The integration of Chainlink price data feeds will allow users of the KuCoin OTC marketplace to access information on 21 fiat currencies listed on the exchange and trade assets on a peer-to-peer basis at predefined prices. Initial plans of integration include the addition of INR/USD and USDT/USD price data feeds. The exchange has announced that more fiat-to-crypto currency data feeds will be added in the near future to cater to user requests and demand.
KuCoin CEO Johnny Lyu commented on the integration by stating that Chainlink is an industry-leading decentralized oracle network that will be able to provide reliable and immutable data flows to the exchange and add value to all participants of the marketplace.
KuCoin has recently gained significant traction by overstepping the 10 million users milestone and breaking into the top-5 cryptocurrency exchanges in usage terms. The latest statistics indicate that KuCoin achieved a 9-fold increase in newly registered users compared to 2020. The exchange has also seen a 23x year-over-year increase in trading volumes.
Chainlink is the industry standard for building, accessing, and selling oracle services used to power hybrid smart contracts on a variety of blockchain networks. Chainlink’s oracles provide smart contracts with reliable data flows, allowing them to connect to any external API and leverage secure off-chain computations for enabling feature-rich applications.
KuCoin is a global cryptocurrency exchange with over 600 listed digital assets. The exchange provides a range of trading services, including Spot trading, Margin trading, P2P fiat trading, Futures trading, Staking, and Lending across 207 countries and regions.