Pi Network News: KYC Deadline Extended, Partnerships in Focus

TL;DR

• Pi Network has rescheduled its KYC deadline to November 30 and mainnet migration to December 31, eliciting varied responses from the community.
• The team is forming partnerships with crypto service providers and other businesses in preparation for its Open Network launch.

Looking for Partnerships

Pi Network – a cryptocurrency initiative aimed at enabling users to mine and acquire digital assets directly from their mobile devices – has been operational for over five years. Nonetheless, it continues to raise questions within the community, as there is no definitive timeline for the launch of the native token and open mainnet.

Earlier in the year, the team instructed users to complete the necessary Know-Your-Customer (KYC) verification procedures by September 30, a deadline referred to as the “Grace Period.” Following this, they extended the timeline to November 30, 2024, while the final deadline for users to transition to the mainnet was changed to December 31 of this year.

Recently, Pi Network confirmed that it has been actively seeking partnerships with crypto service providers and various companies in advance of the Open Network launch.

“This represents a unique, early opportunity for businesses to engage with over 60 million active Pioneers and be part of Pi’s swiftly growing Web3 ecosystem,” the team emphasized.

As usual, the latest update sparked mixed reactions from X users commenting on the post. Some labeled it as “a significant chance for small-time builders on the platforms and one of the most positive Pi updates of the year.”

Conversely, others argued that the cryptocurrency initiative is a scam, expressing skepticism that the launch of an open mainnet and native token will occur anytime soon.

Awaiting December

Another noteworthy development regarding Pi Network took place at the end of August when PiBridge (a decentralized financial platform serving as a bridge between the project and other blockchain networks) held a talk show. While the eagerly awaited mainnet launch was meant to be a topic of discussion, the working group did not provide any additional information.

Shortly after, however, the Pi Core Team stated that the mainnet open roadmap, which will enable the official trading of Pi tokens, is set to be revealed in December 2024.

Once again, the community was split on this announcement, with some viewing it as yet another delay strategy.