Pi Network to Partner with Banxa for Direct Fiat-to-Pi Purchases

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Key Takeaways:

Now, through Banxa, Pi Network users can buy Pi directly with fiat currencies (such as USD).
New Pi users can easily set up their wallet before completing KYC.
This adds great accessibility and real-world potential to the Pi Network.

The latest developments in Pi Network continue to spark excitement in the community. Pi Network has had an official integration with Banxa – a leading fiat gateway for almost a year, allowing users to buy Pi directly with fiat. Marking a major turning point for Pi Network, the integration could transition it from a mining project into a widely accessible and usable digital currency.

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Pi Network Welcomes Banxa Integration

Previously, exchanging Pi usually required intermediate steps with cryptocurrency exchanges or stablecoins. With Banxa integrated, Pi Network users can buy Pi directly using traditional payment methods such as Visa, Mastercard, Apple Pay or Google Pay. Initial reports confirm that the feature has gone live, and intriguingly available even for users who have not yet gone through the entire KYC (Know Your Customer) process via Pi Network.

How Does It Work: A Simple On-Ramp for New Users

Activate Pi Wallet & Make use of Pi before traditional KYC Approval: One of the key advantages of this collaboration is that new Pi Network users can activate their Pi Network Wallet and start using Pi without having to deal with traditional KYC. By completing KYC with Banxa while purchasing Pi, users can access a “mainnet micro,” allowing them to engage with the Pi ecosystem much sooner.

While the Pi Core Team tends to implement updates seamlessly without making public announcements, news of the Banxa integration spread organically throughout our community.

Measurable Accessibility and Real World Utilization

Banxa’s integration solves a major barrier to entry for many could-be Pi users. By removing intermediaries like crypto exchanges or stablecoins, Pi becomes accessible to a broader audience.

Some believe this development could set the stage for broader adoption, potentially including future CEX listings.

Banxa is the Bridge Between Pi and the Global Financial Network

Banxa holds regulatory licenses in several countries and partners with some leading crypto platforms, including Binance, OKX, KuCoin, and Bybit. With Pi Network, it builds a vital connection between conventional finance and the expanding Pi ecosystem. The integration should enhance Pi’s practical use and pave the way for its success as a digital currency.

How You Might Be Restricted

The Banxa integration is a giant leap forward, although there are some caveats to keep in mind. Banxa is not available in all countries due to regulatory restrictions. Thus, before a user tries to purchase Pi, they need to check if Banxa’s functions are enabled in their region. The Banxa platform may not support other cryptocurrencies, such as TON.

Is This A Step Towards Pi Network Vision Of A Global Financial Center?

Indeed, supporters are convinced that Pi Network gradually grows into a pan-global financial hub, where deals like the one completed with Banxa will prepare a firm foundation for broader use and real-life implementation. This will enable users to quickly convert Pi to fiat currency (USD or EUR) with bank accounts or Visa cards and the other way around.

Getting Started: Creating a Banxa Account

Users interested in signing up can do so for a Banxa account at the Banxa website.

Additionally, users of Pi Network can also find Banxa via the Pi Wallet in the Pi Browser and follow the steps. The process has been simplified so much that acquiring and using Pi is easier than ever. According to a Pi user, their Pi wallet is now functioning as the central wallet and once a user’s Banxa account is verified, they can begin trading. The Banxa integration improves liquidity, expands use cases, and moves us closer to official recognition.