KuCoin Has Partnered With Chainlink To Bring Chainlink Price Feeds To Its OTC Market | Technology
In order to meet the increasing demand and volume, KuCoin OTC chooses Chainlink Price Feeds as its data solution. By integrating with 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 the over-the-counter markets. The initial integration involves the Chainlink INR / USD and USDT / USD price feeds, with more to come in the future to meet growing user demand.
Johnny Lyu, CEO of KuCoin, said, “As a ‘People’s Exchange’, KuCoin aims to provide a better trading experience for users from the start of their crypto journey. Our integration of Chainlink Price Feeds will help reduce the risk of slippage and increase the transparency of the prices offered in our P2P Market Pricing. Given their reliability and accuracy, Chainlink Price Feeds will serve as a trusted benchmark in our P2P markets to ensure transactions based on floating exchange rates are consistently aligned with global markets. “
Chainlink is the industry standard for creating, accessing, and selling the Oracle services needed to power hybrid smart contracts on any blockchain. Oracle Chainlink networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations to activate feature-rich applications. Chainlink currently secures tens of billions of dollars across DeFi, insurance, gaming and other major industries and provides global businesses and major data providers with a universal gateway to all blockchains.