Banxa, a global payment infrastructure provider, has received KYB (Know Your Business) approval from Pi Network, allowing it to sell the Pi Coin cryptocurrency to users in more than 100 countries. The move is considered a significant milestone for Pi Coin adoption as it simplifies access to the digital currency through Banxa’s platform.
Banxa also allows users to complete the identity verification (KYC) process in approximately 5 minutes directly within the Pi Network app. This integration simplifies the process for new users who want to obtain Pi Coin without having to wait for traditional identity verification.
In addition, Banxa recently purchased more than 30.5 million Pi Coins valued at approximately US$19 million. This acquisition signals the growing confidence of institutional investors in the potential of Pi Network and its ambition to become a major player in the digital payments space.
Founded in 2019 by academics from Stanford University, Pi Network aims to democratize cryptocurrencies through accessible mobile mining. With over 60 million users worldwide, the project focuses on real-world use and everyday usability, which sets it apart from many other cryptocurrencies.
Pi Network’s endorsement of KYB and integration with the Banxa platform represent a significant step towards wider adoption of Pi Coin. These developments could support Pi Network’s continued growth and integration into the global financial system.