Banxa Expands Access To 100+ Countries As Pi Cryptocurrency Price Rises 1%

Pi cryptocurrency price rose by 1% in the past 24 hours as Banxa expands access to 100+ countries.

What Happened: The crypto payment gateway, Banxa (ASX:BNXA) has received Know Your Business (KYB) approval from the relevant authorities. This approval permits Banxa to provide its services to new businesses in over 100 countries.

This development is expected to increase the accessibility and adoption of the Pi Network, a cryptocurrency project founded by a team of Stanford University graduates.

Earlier this year, Banxa paused Pi transactions. During this time, it was believed that Banxa had amassed millions of Pi at low prices, and they planned to resume once regulatory approval was secured.

Implication for the Pi Community:

This approval from Banxa will enable seamless integration with Pi, allowing immediate use of the token for diverse purposes, such as cross-border payments, e-commerce transactions, and seamless exchange between cryptocurrencies and fiat currency.

Moreover, it signifies a broader acceptance of the Pi Network within the financial institutions.

The integration of Pi with Banxa's platform provides users in 100+ countries with the convenience of buying Pi instantly using cash at over 60,000 physical retail stores.

KYB-approved companies can legally use and trade Pi, while individuals engaging in peer-to-peer (P2P) transactions must be KYC-approved and utilize non-custodial wallets.

"We are thrilled to announce that Banxa has received KYB approval, expanding access to seamless cryptocurrency transactions for users in over 100 countries," said Ben Armstrong, president of crypto community Atomic Wallet.

"This partnership is a testament to the increasing demand for decentralized technologies and the transformative power of cryptocurrency to connect people and economies worldwide."

On the other hand, reports suggest that BitMart and HTX are expected to receive KYB approval within the next 10 days, further highlighting the institutional support for the project.

Pi Cryptocurrency Price Performance:

Pi is trading at $0.32, up 1% in the past 24 hours and up 125.7% over the past year, according to Benzinga Pro.

Pi has faced pressure in recent months as the token unlocks continue to put pressure on the price. However, the rate of new unlocks is expected to slow down significantly after mid-May. This could decrease selling pressure and allow for potential growth.

The next significant resistance level for Pi is at $0.60. A breakout above this could lead to a move towards $1, which would indicate stronger market confidence in the project's future.

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