Pi Community has taken a major step towards making its ecosystem more inclusive and global reach. For the first time the network has given official permission to conduct a third-party service KYC (Know Your Buyer) process. This right is given to Banxa, which is a legal KYB (Know Your Trade) Verified Service. This step makes access to PI Community Mainnet for millions of pioneers and potential new users of Pi Coin.
What is the role of Banxa?
Banxa is an on-camp service that has now been integrated with Pi Community. Its main objective is to provide PI Mainnet Pockets to non-non-resers after KYC verification.
Earlier, to participate in the Pi Ecosystem, users had to make an account and mining 30 times, then had to pass the KYC and in the end the process of Mainnet Migration had to be completed. This whole journey was long and difficult, especially for new users.
Now through Banxa, any qualified users can directly create Mainnet Pockets and participate in PI utilities like Pi apps, local commerce and .PI area Public Sale. If you want to know about Pi Pockets Activation Quality, then you are our article 03071_minepi, brought for Mainnet Pockets Activation Quality Can read
Beta Checking out Section is service to Banxa
Although Banxa has been authorized after KYB verification, the service is still in Pilot beta phase. This means that this service is currently available in limited areas and testing of improvement and scalability is yet to be done.
PI Community has clarified that the service can be temporarily stopped or changes in it if needed. Also, pioneers have been invited to give feedback through PI official apps and channels.
Security and transparency will remain priority
Pi Community has also made it clear that only those services are authorized which are minipi.com or 03071_minepi.com KYB’D Products and Services are listed on the website on the website. Any third-party that describes itself as associated with PI but is not in the list, it can be fake.
Another advantage of starting the KYC process with Banxa is also that people coming from outside the network can also directly become part of the Pi Mainnet, this will increase both the usefulness and participation of the network.
Conclusion
This partnership with Banxa is a sign of a new beginning for Pi Community, where the KYC process is being made more flexible and wider through a third-party. This will not only make the onboarding of new users easier, but will also speed up the PI participation in ecosystem.
This step shows that PI Community is creating a strong and responsible ecosystem in the direction of the web3 keeping in mind the convenience, transparency and security of users.
Also read:P2P Arbitrage Buying and Selling Benefits
