Ping Exchange has initiated trading operations, marking a significant evolution for Core Blockchain following the simultaneous launch of CorePass ID for user authentication.
A new entrant in the crypto trading landscape, Ping Exchange recently commenced trading on Jan. 1 with a unique feature: the integration of CorePass ID for user authentication. This system leverages the Core Blockchain ecosystem, offering users a decentralized digital identity for secure and efficient trading. It fundamentally alters the login process, eliminating traditional methods like two-factor authentication (2FA) in favor of a blockchain-secured identity, transforming user experience with rapid, passwordless access.
Per the exchange’s blog, CorePass ID facilitates swift market access and enhances security, with personal information protected on the blockchain as an identity NFT. This innovative approach extends to its built-in HD wallet, simplifying transactions with immediate withdrawals and deposits of XCB and CTN, the exchange’s native cryptocurrencies.
In addition to its novel login system, Ping Exchange distinguishes itself with a “cutting-edge compliance platform.” Developed in collaboration with CorePass and Core Blockchain, it offers a user-friendly interface for KYC, AML, PEP, and sanctioned user management. This system adapts to various local and international regulations, ensuring it remains compliant in a dynamic regulatory environment.
As reported, Ping Exchange features trading in popular cryptocurrencies like BTC, ETH, LTC, and USDC, along with its native XCB and CTN. The platform also introduces a tiered system for users, with different tiers offering varying withdrawal limits and privileges based on the level of user verification and financial background.
Users of CorePass ID can use CTN tokens to purchase verification vouchers, which are then assigned to their wallets. Once verified, users are then redeemed in CTN tokens by applications such as Ping Exchange when data is requested for user registration, KYC, and AML purposes. The process means that users retain ownership over their data and are rewarded for sharing information with third parties rather than having to give away data for free as seen commonly in web2 applications.
A notable aspect of Ping Exchange is its distinction as the first platform to trade XCB and CTN. Core Coin (XCB) is noteworthy for its eco-friendly Proof-of-Work algorithm and high transaction speeds, positioning it as a sustainable alternative in the crypto space. On the other hand, Core Token (CTN) serves as a utility token within the Core ecosystem, facilitating transactions and data exchanges across services. These cryptocurrencies are available in various trading pairs, including ETH, BTC, LTC, and USDC.
Disclaimer: Core Decentralized Technologies is a media partner of CryptoSlate.
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