Last Updated:
Banxa’s KYB approval lets users in 100+ countries buy Pi with cash, boosting Pi Network’s accessibility.
Pi Network is a Web3 blockchain project that allows users to mine the cryptocurrency on mobile phones, unlike Bitcoin that requires expensive mining equipment.
Pi Cryptocurrency: Banxa has now received KYB approval, marking a significant milestone for the Pi Network and its global community. With this approval, people in over 100 countries can now instantly buy Pi using cash through Banxa. This development improves accessibility and is expected to increase Pi Network adoption.
Banxa had recently paused Pi transactions. During this time, it was believed Banxa had amassed millions of Pi at low prices, suggesting they planned to resume once regulatory approval was secured.
Implications for the Pi Community
Banxa’s KYB approval means that individuals in over 100 countries can easily purchase Pi with cash, significantly boosting accessibility and global adoption. It is anticipated that more platforms, including BitMart and HTX, will also receive KYB approval within the next 10 days, indicating growing institutional support for the project. Only KYB-approved companies can legally use and trade Pi, whereas individuals engaging in peer-to-peer (P2P) transactions must be KYC-approved and utilize non-custodial wallets.
82% Drop From All-Time Peak
Pi Coin price fell almost 80 per cent from its all-time peak at $3. According to Coinmarketcap, the current price hovers at $0.50 per cent. This decline has raised concerns about the legitimacy, liquidity, and trading support of the project.
Pi Coin Price Prediction
In the past 24 hours, Pi’s price has risen by 2.5% to approximately $0, following a period of price pressure due to ongoing token unlocks. As the rate of new unlocks is expected to slow down after mid-May, selling pressure may decrease, allowing potential growth. The next significant resistance level is at $0.60.
A breakout above this could lead to a move towards $1, indicating stronger market confidence in the project’s future.
Stay updated with all the latest business news, including market trends, stock updates, tax, IPO, banking finance, real estate, savings and investments. Get in-depth analysis, expert opinions, and real-time updates—only on News18. Also Download the News18 App to stay updated!
- First Published: