Pi Network has grown into a project with tens of millions of users worldwide, striving to realize its grand vision of “cryptocurrency for everyone.” Indispensable to this vision is the KYB (Know Your Business/Customer) process, which ensures user trustworthiness and network health. Pi Network is currently in its “Enclosed Mainnet” phase, and its evolution is constantly watched.

Amidst this, there has been a recent development in Pi Network’s KYB section. Information has circulated within the community that new crypto on-ramp/off-ramp services, “Onram.money” and “Onramper,” have been added.

What impact will this development have on the future of Pi Network? And what possibilities will it open up regarding the “purchase” of Pi Coin, which many Pioneers have been interested in? This article objectively delves into the significance of Onram.money’s addition to the Pi Network ecosystem and important precautions Pioneers should be aware of.

Introduction: Pi Network’s Current State and the Importance of KYB

The grand vision of Pi Network is to create “cryptocurrency for everyone.” To achieve this, the KYB (Know Your Business/Customer) process, which ensures user trustworthiness and network health, is indispensable. This article focuses on a recent addition to the KYB section, Onram.money, and thoroughly explores its potential impact on the Pi Network ecosystem.

• Pi Network’s Vision: It aims to build a fairer and more accessible cryptocurrency ecosystem, replacing centralized financial systems. Its ease of mining via smartphones has attracted many new users.
• The Role of KYB (Know Your Business/Customer): This refers to identity verification for businesses and customers, essentially the same process traditional financial institutions use to prevent fraud and money laundering. In Pi Network, KYB plays a central role in ensuring ecosystem trustworthiness and security by verifying that real humans participate in the network and eliminating bots or fraudulent accounts. This maintains a healthy transaction environment and provides a foundation for a smooth transition to the future open mainnet.
• Expectations for Mainnet Transition and Liquidity: Pi Network is currently in the “Enclosed Mainnet” phase, where the value of Pi is said to arise only from exchange for goods and services within the Pi ecosystem. During this phase, utility building within the ecosystem and community expansion are progressing. The addition of Onram.money/Onramper is noted as part of infrastructure development aimed at improving liquidity and preparing for a future open mainnet.

New Development in Pi Network’s KYB Section: The Emergence of Onram.money and Onramper

Pi Network’s KYB (Know Your Business/Customer) plays a central role in enhancing community safety and trustworthiness. Recently, two new services, Onram.money and Onramper, have been confirmed as added to this crucial section. Let’s explore what these services are and why they have been integrated into Pi Network now.

Previously, Pi Network’s KYB section displayed existing crypto asset services like Banxa and Simplex as partners, serving as gateways for users to access Pi with fiat currency. However, with this update, Onram.money and Onramper have been added as options.

These services are generally platforms that provide “on-ramp” functionality. An on-ramp refers to a service that acts as an “on-ramp to a highway,” allowing users to purchase crypto assets using fiat currency (e.g., Japanese Yen or US Dollars). Conversely, a service that exchanges crypto assets for fiat currency is called an “off-ramp.”

The intention behind Onram.money and Onramper appearing in Pi Network’s KYB section is believed to be part of infrastructure development, enabling Pi Network Pioneers (users) to access Pi Coin more easily and use it within the ecosystem in the future.

What is Onram.money? Its Functions and Impact on Pi Network Users

Onram.money, newly added to Pi Network’s KYB section, is a platform that provides crucial “on-ramp” functionality, connecting the world of crypto assets with the world of fiat currency. This section will delve into Onram.money’s specific functions, particularly its relevance to Pi Coin, and how it may impact Pi Network users.

Onram.money Overview and Key Functions

Onram.money is a platform that primarily offers “Buy and Sell and Swap Crypto” functionalities. It supports the trading of major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and USDT (Tether). A key feature is its ability to allow users to utilize various familiar payment methods.

Important Considerations Regarding Pi Coin “Purchase” Possibilities

Source information suggests the possibility of selecting “P” (presumably referring to Pi) on the Onram.money website and purchasing Pi Coin through local E-wallets (Shopee Pay, GoPay, Dana, etc.), QRIS, or bank transfers. This appears to be a groundbreaking solution, especially for Indonesian Pioneers, allowing access to Pi Coin without needing stablecoins like USDT.

However, here is the most critical point to note:

Pi Network is currently in the “Enclosed Mainnet” phase, and it is officially restricted from being listed on external exchanges or directly exchanged with fiat currency. The official value exchange of Pi is currently only possible through the exchange of goods and services within the Pi ecosystem.

Whether the “Pi” offered on Onram.money refers to Pi Network’s Mainnet Pi, Testnet Pi, or unofficial transactions anticipating the future Open Mainnet (e.g., something like an IOU or a service brokering P2P transactions) is uncertain information unless there is a clear statement from Pi Network official sources.

If Pi Network’s Mainnet Pi could be purchased with fiat currency on Onram.money, it could potentially contradict Pi Network’s current Mainnet policy, and the legality and safety of such transactions might not be guaranteed. Users are strongly advised to thoroughly review official Pi Network announcements and the terms and conditions of the platforms they use, acting at their own discretion and responsibility.

Supported Payment Methods and Fees

Onram.money supports a variety of payment methods. According to source information, the following methods are indicated, especially in Indonesia:

• E-wallet: Dana, GoPay, Shopee Pay, etc.
• QRIS: Indonesia’s unified QR code payment system, supporting multiple payment apps.
• Bank Transfer

Fees for purchasing Pi Coin are also mentioned (e.g., for a 10,000 Rupiah purchase):

• Gas fee: 300 Rupiah
• Blockchain fee: 174 Rupiah (equivalent to 0.02 Pi)
• Payment Gateway fee: 5,000 Rupiah

It’s important to note that these fees are Onram.money’s service fees and are not directly charged by Pi Network itself.

Global Expansion and Partnerships

Onram.money is stated to be available in over 60 countries and supports more than 400 tokens. It also emphasizes partnerships with major cryptocurrency exchanges, wallets, and projects, including:

• Binance
• MetaMask
• Bybit
• Coinbase
• Circle
• And others like BingX, Bookoin

These partnerships suggest that Onram.money is a platform with a certain level of trust and track record in the crypto industry.

Implications for the Pi Network Ecosystem and Future Outlook

Onram.money’s integration suggests Pi Network’s intention to improve user accessibility as it moves towards the Open Mainnet. We will consider what implications this development has for the entire Pi Network ecosystem and how it connects to future prospects.

Possibilities for Pi Network

• Improved Accessibility: If Onram.money were to handle Pi Network’s Mainnet Pi safely and legally, many Pioneers might be able to easily purchase Pi Coin with fiat currency. Especially by supporting region-specific payment methods, Pi Network could potentially expand to layers that were previously difficult to access.
• Promoting Ecosystem Participation: Easier Pi Coin purchases could vitalize participation in DApps (decentralized applications) within the Pi app and services within the Pi ecosystem, potentially increasing Pi Coin’s utility.
• Infrastructure Development for Future Open Mainnet: A fiat gateway is essential when Pi Network transitions to an Open Mainnet. The integration of services like Onram.money can be seen as a preparatory stage for this.

Challenges to Overcome and Precautions

While expectations are high, there are also challenges to overcome and precautions to consider.

• Securing Official Pi Coin Liquidity: As mentioned, Pi Network is still in the Enclosed Mainnet phase, and official exchange listings or direct fiat currency exchanges for Pi Coin are restricted. If “Pi Coin purchase” on Onram.money indeed refers to Mainnet Pi, it must align with Pi Network’s official movements. A clear announcement from the Pi Core Team is awaited on this matter.
• Regulatory Compliance: Regulatory frameworks for crypto assets are evolving worldwide. If a service like Onram.money partners with Pi Network to enable fiat currency exchange, compliance with each country’s regulations is crucial.
• User Understanding and Literacy Improvement: When new technologies and services are introduced, it is essential for users to correctly understand their mechanisms and risks. Especially in crypto asset transactions, it is necessary to always verify official information sources and make calm judgments to avoid being misled by scams or misinformation.

Integrating external services like Onram.money has the potential to accelerate Pi Network’s development towards realizing its vision. However, this process should proceed cautiously and transparently.

Summary: Pi Network’s Evolution and What You Need to Know

The addition of Onram.money to Pi Network’s KYB section holds the potential to signify a major step towards improved Pi Coin accessibility. Onram.money’s fiat on-ramp functionality and diverse payment methods have the potential to lower the barrier to entry for crypto assets, especially for users in emerging countries.

However, it is crucial to correctly understand the true significance of this development and maintain a calm perspective without excessive expectations. Specifically, it must not be forgotten that Pi Network is currently in the “Enclosed Mainnet” phase, and it is officially restricted from being listed on external exchanges or directly exchanged with fiat currency. Regarding how the suggested “Pi Coin purchase” on Onram.money aligns with the current rules of Pi Network, continued attention to official announcements from the Pi Core Team is necessary.

Pi Network continues to steadily build its ecosystem to realize its vision. Partnerships like Onram.money hold the potential to be a crucial part of this process, but understanding based on accurate information and cautious judgment at your own responsibility are always required.

While anticipating Pi Network’s further development, always check official information and strive for safe and knowledge-based actions.

Next Steps: Deep Dive into Pi Network Information

Staying updated on Pi Network’s latest developments and official announcements is essential for understanding its progress. Let’s delve deeper into knowledge and observe Pi Network’s evolution using the following methods:

• Regularly check the Pi Network official website and in-app announcements: These are the most reliable sources of information. Important updates will be announced here.
• Acquire basic knowledge of cryptocurrency and blockchain: To deeply understand Pi Network, fundamental knowledge such as crypto on-ramp/off-ramp, P2P transactions, and blockchain mechanisms will be helpful. Utilize reliable learning resources.
• Caution: Always be vigilant against Pi Network-related scams and misinformation, and be careful not to easily share personal information or wallet passphrases.

We hope this information helps you understand the current state and future of Pi Network. The Pi Network journey has just begun. Let’s observe its evolution with a calm and informed perspective.