A guide on effortlessly purchasing and trading Pi Coin using Banxa as your platform.
Rewritten Article
Exciting news for Pi Network users — Banxa, the digital currency exchange platform that's like the PayPal of crypto, is partnering up with Pi to make it a breeze for Pi Pioneers to buy or sell Pi using good old fashioned money (fiat).
Let's dive in and explore how this works, step by step.
What's Banxa?
Simply put, Banxa is a state-of-the-art digital currency exchange that allows you to buy and trade cryptocurrencies using traditional dollars, euros, or any other legal tender, and pay with secure methods like bank transfers, credit cards, or Apple Pay.
What sets Banxa apart is their commitment to full compliance with financial regulations such as Know Your Customer (KYC) and Anti-Money Laundering (AML). By following these laws, they ensure that all transactions are on the level, secure, and legal for users worldwide.
Thanks to this partnership, Banxa has acquired 30 million Pi coins to provide enough liquidity for Pi Pioneers to buy Pi with fiat or sell their Pi for real money in their bank accounts. This collaboration acts as a fiat on-ramp and off-ramp for Pi, linking traditional banking with the growing Pi ecosystem. It's an essential step toward making Pi a real, usable currency in the global economy.
How It Works (Step-by-Step)
Here's an easy-to-follow guide on how Banxa + Pi Network will work for us regular users:
Step 1: Integration into Pi Network
The Pi Core Team links Banxa to the Pi app, Pi Browser, or third-party Pi apps using API or widget tools. As a result, Pi enthusiasts can utilize Banxa services straight from the Pi ecosystem, without leaving the app.
Step 2: KYC Verification
Before diving in, users need to complete a quick KYC process for security and legal compliance. If you've already completed KYC in the Pi app, this process should be quick and straightforward.
Step 3: Buying Pi with Fiat
Ready to get some Pi? Just pick the amount you want (e.g., $50 worth), choose your preferred payment method (credit card, bank transfer, or Apple Pay), and Banxa will transfer Pi to your wallet.
Step 4: Selling Pi for Fiat
Time to exchange your Pi for cash? Simply input the amount of Pi you'd like to sell, along with your bank information, and Banxa will handle the conversion and directly deposit the money into your account.
Step 5: Virtual Accounts for Businesses
Businesses and marketplaces can take advantage of special virtual accounts to keep track of Pi payments from various customers. This upgrade helps with accounting, forecasting cash flow, and making Pi a more practical choice for real businesses.
More on Banxa for Pi Coin Holders
Banxa offers significant benefits to Pi Coin holders by making it simple to convert Pi into local currency and vice versa. Users can now join and leave the Pi ecosystem smoothly, buying Pi using their currency and converting it to fiat whenever needed, all within a secure, legal setup.
Since Banxa follows strict KYC and AML guidelines, everything is safe and compliant regarding transactions, boosting trust and credibility in Pi. This makes Pi coin more attractive to users, businesses, and even potential exchange listings. It also reduces barriers for new users who aren't crypto-savvy.
To businesses and developers, Banxa integration means easier payment monitoring using virtual accounts and the ability to accept Pi in exchange for fiat. Developers can create apps with built-in payment tools to make the Pi ecosystem more functional and prepared for real-world use.
This integration marks a crucial milestone in Pi's journey towards mainstream adoption. With seamless fiat conversion, it boosts Pi's practical use, increasing accessibility and security for users. With strong regulatory compliance and global payment capabilities, Pi is morphing into a reliable, trustworthy currency for everyone, ready to facilitate transactions anytime, anywhere.
Also Check Out: Pi Network Unleashes Mainnet Wallet Activation Feature
- Banxa, the digital currency exchange platform likened to PayPal for cryptocurrencies, has partnered with Pi Network to facilitate the purchase or sale of Pi using traditional money, thanks to the acquired 30 million Pi coins for sufficient liquidity.
- To buy Pi with fiat or sell their Pi for real money in their bank accounts through Banxa, Pi users must first complete a KYC verification process and then select their preferred payment method.
- As a result of Banxa's integration, Pi Coin holders now have an easier and more secure way to convert Pi into local currency and vice versa, boosting trust and credibility in Pi, making it more attractive to users, businesses, and potential exchange listings.
