KuCoin (KCS/USD) is now using Chainlink Price Feeds (LINK/USD) to supply its Over-the-Counter (OTC) markets with high-quality price reference data, Invezz learned from a press release. The dynamically growing exchange has access to accurate, tamper-proof rates between various fiat currencies and cryptocurrencies after the integration. This will help set floating rates in OTC markets.
Price Feeds used as benchmark to set rates
KuCoin will use Chainlink Price Feeds as benchmarks to help set floating exchange rates. Users can connect buy/sell orders to these or specify a certain percentage of the rate for their orders to be in. Consequently, users get more assurance that they are getting fair exchange rates and increased transparency of the origin of the rates.
OTC market now supports 21 fiat currencies
KuCoin’s OTC market now supports 21 fiat currencies and enables users to trade crypto and fiat directly with other users at preset prices. OTC trading gives users more control over settlement times and methods as well as pricing. Ultimately, the integration reduces potential slippage, especially during market volatility.
Johnny Lyu, CEO of KuCoin, commented:
Fiat on-ramps are users’ first steps into the crypto world. 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.
Some of the notable features of Chainlink Price Feeds include:
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