Cogni, the Neobank that offers a noncustodial multichain crypto wallet, has announced a new development in their platform that is set to revolutionize the user experience for customers. The bank is rolling out nonfungible tokens (NFTs) that contain Know Your Customer (KYC) information on the Polygon network, which will transfer the user’s KYC verification information from a traditional Web2 environment into a more decentralized Web3 environment.
This move is aimed at creating an improved user experience for Cogni’s customers, as they will be able to easily share their KYC information with decentralized apps (DApps) without needing to complete additional verification steps. The NFTs will be nontransferable and soulbound, which means that they can only be accessed by the owner of the wallet. DApps that are partnered with Cogni will be able to decrypt the NFTs with the owner’s permission, allowing them to satisfy KYC requirements without any additional action from the user.
The idea behind the Soulbond NFTs is to create a marketplace of DApps that can easily connect to Cogni’s wallet, including KYC verification, with just a few clicks. This move is set to create a smoother user experience for Cogni’s customers and give them more control over their KYC information.
Cogni’s noncustodial wallet was introduced in January and allows users to send, receive, and hold cryptocurrencies and NFTs. The use of non-custodial wallets has become more popular since major crypto firms’ bankruptcies during the crypto winter trapped customers’ money in their custodial wallets. By offering a noncustodial wallet, Cogni gives its customers complete control over their assets and ensures their security.
Cogni’s NFTs allow for easy DApp integration
The use of NFTs to store KYC information is a groundbreaking move in the cryptocurrency industry. It is set to revolutionize how KYC information is handled, making it easier for customers to share their information with DApps while maintaining their privacy and security. This move is also set to reduce the costs and time associated with KYC verification, as DApps can now easily access this information without additional verification steps.
Cogni’s Soulbond NFTs will be available to select users initially, with plans to make them available to the public in the summer. The NFTs contain “bank-level” KYC information that satisfies KYC requirements in the United States, as Cogni has United States Federal Deposit Insurance Corporation coverage through a traditional New York bank. This ensures that Cogni’s customers can be confident in the security and accuracy of their KYC information.