On February 20, 2025, at 8:00 AM (UTC), Pi Network finally launched its long-awaited Open Mainnet. This new phase expands the possibility of Pi Coin connecting with external systems and blockchain networks and being used in actual transactions. With this important transition, it is mandatory for businesses participating in the Open Network to undergoKYB (Know Your Business) Authenticationis mandatory.
What is KYB Authentication?
KYB is a process to verify the legal legitimacy of a business and prevent illegal activities such as fraud and money laundering. This authentication process includes:
- Verification of basic information such as business name, address, and registration number
- Verification of official documents such as certificates of incorporation and business licenses
- Verification of financial history and information about business owners and administrators
Difference from KYC
KYC (Know Your Customer) is an authentication process for individuals, primarily using passports or ID cards to verify personal information. On the other hand, KYB is for legal entities and involves detailed verification including their financial structure and management system.
Why is KYB Authentication Necessary?
To maintain a safe and reliable ecosystem, Pi Network requires all businesses participating in the Open Network to undergo KYB authentication. This process enables the following:
- Prevention of fraud and illegal activities
- Building trust between users and partners
- Smooth transactions within the Pi ecosystem
KYB Authentication Process and Fees
To undergo KYB authentication, you need to pay a verification service fee by a third-party organization of$89 (approx. 15,120 JPY, subject to change depending on exchange rates and fees). This fee is not collected directly by Pi Network but is used for payment to the third-party organization.
You can apply here.
https://minepi.com/kyb-business-pi/
Benefits Obtained After KYB Authentication
Upon successful KYB authentication, you will gain the following benefits:
- Obtain formal eligibility to participate in the Pi ecosystem
- Gain access to the Pi Mainnet Wallet
- Secure transaction opportunities with millions of KYC-verified users
Expected Impact After Open Mainnet Launch
With the Open Mainnet, Pi Coin will be able to connect with external systems and other blockchains. This will enable the following:
- Expansion of real-world transaction usage
- Creation of new business models and use cases
- Improvement in Pi Coin price and adoption rate
Summary
KYB authentication is a mandatory requirement for businesses wishing to participate in the Pi Network ecosystem. This not only ensures safety and reliability but also opens the door to new digital economic activities. After the Open Mainnet launch, many companies and users are expected to actively participate in this ecosystem.
Apply for KYB authentication now and take the first step towards future economic activities!