Pi Network has taken a big step towards making its ecosystem more inclusive and global reach. For the first time, the network has officially allowed a third-party service to conduct the KYC (Know Your Customer) process. This right has been given to Banxa, a legal KYB (Know Your Business) verified service. This move makes it easier for millions of Pi Coin pioneers and potential new users to access the Pi Network Mainnet.
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What is the role of Banxa?
Banxa is an on-ramp service that is now integrated with Pi Network. Its main purpose is to provide Pi Mainnet Wallet to non-pioneers after KYC verification.
Earlier, to participate in the Pi Ecosystem, users had to create an account and mine 30 times, then pass KYC and finally complete the Mainnet Migration process. This whole journey was long and difficult, especially for new users.
Now through Banxa, any eligible user can directly create a Mainnet Wallet and participate in Pi's utilities such as Pi Apps, Local Commerce and .pi Domain Auction. If you want to know about Pi Wallet Activation Feature, you can read our article 03071_minepi, Wallet Activation Feature Brought to Mainnet.
Banxa's service is in Beta Testing Phase
Although Banxa has been authorized after KYB verification, the service is still in pilot beta phase. This means that the service is currently available in limited areas and improvements and scalability testing are yet to be done.
Pi Network has made it clear that the service may be temporarily stopped or changed if needed. Also, pioneers are invited to provide feedback through Pi's official apps and channels.
Security and transparency will remain a priority
Pi Network has also clarified that only those services are authorized which are listed on the KYB’d Services page on the minepi.com or 03071_minepi.com website. Any third-party that claims to be associated with Pi but is not listed may be fake.
Another benefit of starting the KYC process with Banxa is that now people from outside the network can also directly become a part of the Pi Mainnet, which will increase both the usability and participation of the network.