Accurate price reference data is crucial in the world of cryptocurrency, where market conditions can change on a dime. KuCoin, as a leading crypto exchange, will integrate Chainlink’s Price Feeds for its OTC trading markets, according to today’s press release. It marks a crucial step toward fair-market exchange rates and increased transparency.
Decentralized Oracles Are Crucial In P2P Trading
Over-the-counter (OTC) trading is a prominent aspect of the cryptocurrency industry. Large traders can acquire crypto assets without directly affecting the price on trading platforms. KuCoin is one of the many exchanges providing this functionality and supports 21 different fiat currencies to enable this peer-to-peer trading option. In addition, as platform demand increases, KuCoin OTC will integrate Chainlink Price Feeds.
Through the Chainlink Price Feeds, KuCoin users will benefit from accurate and tamper-proof exchange rates for supported fiat currencies and crypto-assets. Those exchange rates are the foundation for floating rates in OTC markets. Moreover, it helps lower the risk of slippage and provides additional transparency to all users. The initial rollout focuses on INR/USD and USDT/USD pairs, with other markets to follow over the coming months.
Chainlink is the industry-leader provider of decentralized oracle services. Its technology and Price Feeds have been integrated by dozens of projects, including crypto trading platforms, DEXes, decentralized finance protocols, etc. Due to their accuracy and reliability, decentralized oracle services are crucial in peer-to-peer market pricing. For example, KuCoin sees the Price Feeds solution as trusted benchmarks for its Over-the-Counter trading solution.
KuCoin Surpasses 10 Million Registered Users
The integration marks another crucial step for the crypto trading platform. This year, KuCoin surpassed 10 million registered users, a nine-fold increase in new users compared to 2020. Moreover, the platform saw its trading volume increase by 2,300% year-over-year, indicating the platform and the assets it provides remain highly sought after. That increasing popularity includes all ventures under the KuCoin banner, including its OTC trading desk.
Adding Chainlink Price Feeds to its OTC trading service will ensure KuCoin’s floating exchange rates are on par with global markets. Furthermore, it strengthens the platform’s industry position as “the home of altcoins and crypto gems” and focuses on facilitating the global free flow of digital value.