As per the latest Pi Network news update, Pi Network has announced that more than 10 million users on its platform have completed the mandatory Pi Network KYC process.
What Is KYC?
Mainly used in financial and investment industries, the Know Your Client (KYC) process is a standard that is used to verify the customer and know their risk and financial profiles.
Three Components Of KYC
- CIP – Customer Identification Program
- CDD – Customer Due Diligence
- EDD – Enhanced Due Diligence
As the Pi network completes the 10 million mark, it now aims for 15 million Pi Network KYC users.
Pi Network has reached 10 MILLION KYC’ed Pioneers! This is an amazing milestone and step towards our Open Network goals—in short, we’re on track. This milestone also means we have reached at least enough KYC’ed Pioneers to further achieve the 10 million Mainnet migration goal! pic.twitter.com/XLPriWx5hI
— Pi Network (@PiCoreTeam) April 16, 2024
Even with this noteworthy accomplishment, the project and its native token Pi have not received much attention. The native coin of the network has no value, according to analytics platform AIMultiple, because users are unable to trade it for fiat money on exchanges at this time.
The concept was introduced as a centralized app in 2019 and requires users to press a button once a day to mine. Users can transfer the asset among themselves even if Pi has not yet reached its mainnet phase. They must, however, have finished the necessary KYC and make sure that their tokens are displayed in the wallet’s transferable balance section.
Challenges, Insights & Future Of Pi
In response to this milestone, Dr. Nikolas Kokkalis said that this achievement demonstrates that markets can strive without relying on fiats for defense and Web3 domain companies might use the Pi network to meet their identification verification process.
Wondering, How much will Pi cost in 2025?
Pi Network Price Prediction 2025
The Pi Network price prediction 2025 could range from a low of $35.69 to a high of $167.29
Lots of Pi, pie for today!
ReadingCrypto will see you tomorrow with some exciting news! Till then, goodbye!
Disclaimer: This post is intended solely for informational purposes and should not be taken as legal, tax, investment, financial, or any other form of advice. Although all the information provided is true to the best of our knowledge, it is advisable to research well before making any kind of investments or decisions in general. The team of ReadingCrypto bears no responsibility in the event of any adverse outcomes.
