OTC Trading plays an essential role in the cryptocurrency industry. Providers of these services need to acquire accurate price data in real-time. KuCoin taps Chainlink, and its Price Feeds to ensure its OTC users benefit from increased transparency and fair-market exchange rates.
OTC Trading Is A Booming Business
When people think of trading cryptocurrencies, they will gravitate toward centralized or decentralized exchanges. Platforms like Coinbase, Binance, Kraken, Bitfinex, Uniswap, PancakeSwap, and others are all household names in the crypto ecosystem. Moreover, these exchanges handle billions of dollars in daily volume, confirming the growing appeal of Bitcoin and other cryptocurrencies globally.
However, there is another option to gain exposure to crypto-assets without relying on centralized or decentralized exchanges. OTC trading, or over-the-counter trading, is a prominent solution for large investors and “whales” to enter the crypto space. More importantly, OTC traders can buy or sell large amounts of crypto without affecting public trading prices.
The majority of centralized exchanges provide OTC trading to its customers. It provides trading options that do not adhere to traditional trading hours and do not require physical meeting up. Moreover, it exposes investors to broader liquidity outside of the ordinary market. The OTC concept is accessible across most financial markets, including cryptocurrencies, stocks, etc.
One crucial aspect of OTC trading is how it requires accurate and real-time price data. KuCoin, one of the providers of OTC trading for cryptocurrencies, steps up its price data game by integrating Chainlink’s Price Feeds. The price information provided by this decentralized oracle network ensures users can access accurate and tamper-proof exchange rates for supported crypto assets and fiat currencies.
The Growth of Chainlink And KuCoin
The integration of Chainlink Price Feeds marks an essential step for KuCoin. Exchange rates depicted by the platform are used for floating rates in OTC markets and affect slippage rates traders have to contend with. Chainlink Price Feeds will help provide more stable floating rates, lower slippage risk, and provide additional transparency. KuCoin will initially roll out these Price Feeds for INR/USD and USDT/USD pairs, with more to follow later.
The integration also marks a crucial milestone for Chainlink. It is the industry-leading provider of decentralized oracle services, and dozens of partners have integrated its technology in recent years. Price Feeds power centralized and decentralized exchanges, DeFi protocols, and much more. KuCoin joins the likes of Orion Protocol, Bitrue, Bancor, DeFiner, MCDEX, 1Inch, PancakeSwap, and many others in providing accurate and trusted price data.
Integrating Chainlink Price Feeds comes on the heels of KuCoin surpassing 10 million registered users. More importantly, the platform continues to note substantial growth year-over-year for new users and trading volumes. Moreover, its OTC trading desk notes a strong increase in volume and new users, confirming the need for transparent real-time data. Ensuring the floating exchange rates are on par with global markets is essential and will instill more trust in the KuCoin platform and its OTC trading desk.
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