OKCoin Joins Coinbase in Supplying Oracle Feed for DeFi Project Compound

OKCoin has launched a new API feed for the decentralized finance (DeFi) space that has already been picked up by lender Compound.

• The San Francisco-based exchange said Wednesday that OKCoin Oracle would provide on-chain data for DeFi products and features.
• As a liquid and regulated trading platform, OKCoin said its cryptographically signed price feed would be accurate, adding it would also verify and guarantee the data's reliability.
• San Francisco-based exchange Coinbase unveiled its own price feed plugin for the DeFi space in April.
• Like Coinbase's, OKCoin's feed has been incorporated into the oracle system launched last August by Compound.
• Known as the Open Price Feed System, Compound's oracle relies on data providers to effectively share data on-chain.
• Rival oracle system ChainLink works broadly along the same lines, although it rewards third-party entities with LINK tokens for providing accurate data, and takes them away again when they don't.
• OKCoin was founded by Star Xu in 2013; the crypto exchange OKEx spun out of it in 2017.

See also: Why Crypto Exchange OKCoin Jumped Through Hoops to Get Licensed in Japan

UPDATE (July 17, 09:25 UTC): This article has been updated to better describe the relationship between OKCoin and OKEx.