KuCoin, a major cryptocurrency platform, announced on Monday that its spot market will support fiat trading pairs starting today, with the Brazilian Real (BRL) becoming the first fiat. According to the press release, the platform added BTC/BRL, ETH/BRL, and USDT/BRL trading pairs to its spot market.
KuCoin has been expanding aggressively in the Brazilian market since 2022. On March 23, KuCoin supported PIX&TED, the Brazilian Central Bank’s bank transfer payment method, allowing users to deposit BRL directly on KuCoin’s official website for purchasing cryptocurrencies through KuCoin’s Fast Buy channel.
Due to a new Central Bank policy, KuCoin became the first crypto exchange to support BRL transfers via PIX on June 18. With its upcoming launch of EUR, RUB, and other fiat currency trading pairs, KuCoin will offer better fiat-to-crypto trading services and accessibility for its global users.
“As an early participant and accelerator in the crypto industry, KuCoin is committed to leveraging cutting-edge technologies and innovative products to bring blockchain and crypto to the masses, and KuCoin’s support in fiat trading pairs marks a big step toward this. Also, providing a secure, stable service between fiat and cryptocurrencies will bring a better experience to crypto users, which is crucial for crypto mass adoption. With support for more fiat trading pairs, KuCoin will become the best place to explore the crypto world with fiat for global users,” Johnny Lyu, KuCoin’s CEO, commented.
Partnership with Pyth Network
In May, KuCoin announced that it had inked a partnership with Pyth Network, an Oracle solution built on the Solana blockchain. Such a deal will allow KuCoin to provide real-time prices of trading pairs listed on the exchange to Pyth Network.In the DeFi ecosystem, Pyth Network operates one of the largest and most reliable oracle networks, derived from price data contributed by more than 60 leading institutions, both in crypto and traditional finance.
This article was written by Felipe Erazo at www.financemagnates.com.