Pi Network may be considered for listing, cryptocurrency exchange says

“Once the main network is upgraded successfully, Pi will be reviewed for listing at the soonest,” cryptocurrency exchange platform Huobi said in an announcement on Monday.

“With the positive recommendation of Pi Network’s community, Huobi will follow up closely with Pi Network’s updates regarding the upcoming mainnet launch,” it added.

Pi Network, which has been operating since 2019, allows users to mine for the Pi cryptocurrency just by using their smartphones. Some users in Vietnam have already used the cryptocurrency to exchange for goods and services, even though Vietnam does not allow transactions using cryptocurrencies.

Being listed would mean that the Pi cryptocurrency, which has gained traction among certain Vietnamese users, who claimed it could be easily mined using smartphones, can be exchanged with other cryptocurrencies. It would also mean that the Pi Network project can then generate money flows and expand its community.

While the Pi Network said it had already become mainnet since December 28 last year, the transition into mainnet is actually divided into two phases: “enclosed” and “open.” In the enclosed phase, only those who own Pi cryptocurrencies and have money in their cryptocurrency wallets can perform exchanges with one another. In the open phase, the Pi cryptocurrency would be able to be exchanged with other cryptocurrencies.

However, the Pi Network has not announced when exactly the “open” phase of the mainnet would be achieved. In a white paper published on its website, Pi Network said that: “When the community feels the software is ready for production, and it has been thoroughly tested on the testnet, the official mainnet of the Pi network will be launched.”

Pi Network claims to have 35 million users around the world. The project’s Twitter account currently has over 2 million followers.

A major blockchain project founder in Vietnam said Huobi’s announcement does not actually specify any detail about the Pi Network project itself, except for the fact that the project has a large community.

“[Huobi] would still need the Pi Network’s technological aspects to be more complete,” the person said, adding that the announcement might also be a way for Huobi to gain new users.

Pi Network has not yet commented on the matter.

Huobi is considered to be one of the largest cryptocurrency exchange platforms in the world. Data from Coingecko, retrieved on Monday, revealed that the platform had the third-largest exchange value, after Binance and Coinbase, two other major cryptocurrency exchanges.