According to Kim H Wong (@Time_and_Trade), Pi Network has secured significant partnerships with Banxa and Onramper to enable direct fiat transactions for Pi Coin. This update allows users to buy and sell Pi Coin using real-world currency, a feature that had previously remained limited.
Banxa, a regulated payment facilitator today, has been positioned at the forefront by acquiring more than 30.5 million Pi Coins, which are worth approximately $19 million. This change will allow liquidity and facilitate easier sharing of fiat-to-Pi and Pi-to-fiat. With the help of Banxa’s off-ramp feature, the Pi Coin can now be converted into national currencies and directly cashed out by users to their bank accounts.
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In addition to off-ramping, Banxa provides fiat on-ramping in more than 100 countries, where users can purchase Pi Coin via credit cards, debit cards, Apple Pay, and bank transfers. This integration eliminates the possibility of using third-party crypto exchanges and simplifies transactions for non-crypto trading users.
Besides, Banxa verifies the Know Your Customer (KYC) of Pi Network users. Users can activate their Pi Mainnet wallet with this service without passing the network’s native KYC process. This assists new users in unlocking their wallets quickly but still keeps them in line with security measures.
Onramper Brings Aggregated Fiat Gateways to Expand Global Access
Onramper, which also partnered with Pi Network, operates as an on-ramp aggregator. It provides users with access to several fiat-to-crypto services through a single widget. This platform focuses on offering a wider range of payment methods and fiat options by aggregating providers like Banxa and Ramp Network.
The collaboration with Onramper also means that Pi Network users will be able to enjoy the convenience of buying cryptos through local payment systems.
Its role is not as direct as Banxa’s, but it facilitates wider access to Pi Coin and provides users with greater flexibility about their methods of purchasing the tokens.
Banxa’s $19 million Pi Coin purchase and its full fiat on-ramp and off-ramp integration mark a turning point for Pi Network. With Onramper offering additional flexibility, Pi users now have expanded options to buy or cash out their coins more efficiently and securely.
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