- Cogni to improve the crypto experience by connecting Web3 attributes and digital banking.
- Users will be allowed to get soulbound NFTs including KYC data from the neobank.
- Cogni aims to create an easily accessible marketplace of dApps, including KYC details.
The neobank Cogni has come up with the launch of its latest product, i.e. a Web3 passport. A soulbound NFT, the passport, includes KYC information to those who own its crypto wallet. Powered by Polygon, the NFT will transfer Web2 KYC verification of customers performed by the bank during account opening in a Web3-based space.
Cogni released its non-custodial multichain crypto wallet in January. Users can send, keep as well as receive NFTs and cryptocurrencies in the wallet. Moreover, they can preferably mint the one-of-a-kind non-transferable soulbound non-fungible token followed by dApps decrypting it after seeking permission from the owner.
The bank has eyes on establishing an enhanced user experience. Archie Ravishankar, Cogni founder and CEO, called user experience as one of the reasons behind crypto-enthusiasts not entering into decentralization. Another reason is trust in the particular ecosystem.
Cogni shared that the passport will solve concerns regarding compliance and trust. Both users and the platform will be aware about the exclusive, verified identity of the wallet, if the owner allows it. As a result, fraud and imitative sellers will be reduced in the Web3 world.
Ravishankar added that everyone knows about the concept of using digital banking. Also, the crypto wallet is available in terms of usual banking experience.
The “bank-level” KYC information in the NFT meets the requirements of KYC in the U.S. It will be available to the partnering decentralized applications without any further action. Cogni is looking forward to developing a marketplace of decentralized apps that can be linked to, including KYC verification, within a few clicks.
— CoinnewsBest (@CoinnewsB) March 11, 2020
Non-custodial wallets usage have jumped after prominent crypto companies turned bankrupt during the crypto winter; thus, trapping money of customers in their custodial wallets. Initially, the Cogni soulbound NFT will be available to select users and will probably open to the public in the summer.