Cogni, a neobank insured under the United States Federal Deposit Insurance Corporation, has announced a new initiative to revolutionize the Know Your Customer (KYC) process. This Ethereum-based Non-Fungible Token (NFT) will contain user information, such as identity or account verification. The data will be transferred from the Web2 environment to a Web3 environment.

This new technology could lead to an improved user experience for Cogni wallet holders. The wallet itself is multichain and non-custodial, allowing users to receive, send and hold cryptocurrencies and NFTs, as well as mint their own soulbound NFTs. These tokens are immune to transfer, thus providing a safe and efficient experience. Furthermore, the bank-level KYC information present on the soulbound NFT satisfies any related requirements for the US market.

Cogni’s CEO, Archie Ravishankar, commented on the convenience that this platform brings to users explaining that it is “in the course of the normal banking experience”. Additionally, the KYC information will automatically be available to any partnering decentralized apps (DApps) giving users access to a wide variety of services with just a few clicks.

The crypto winter of 2018 saw the bankruptcy of some of the major crypto firms and created a need for non-custodial wallets. Cogni’s solution stands out among them because, in addition to being secure, it is also much more efficient in terms of identity verification. Additionally, the web-based wallet, which was launched earlier this year, is expected to become open for public trading this summer.



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