Neobank utilizes soulbound NFTs for KYC verification

Cogni plans to provide a marketplace for easily interoperable DApps with features like know-your-customer (KYC) verification built in.

Neobank utilizes soulbound NFTs for KYC verification
Neobank utilizes soulbound NFTs for KYC verification

The neobank Cogni has announced that it will distribute soulbound nonfungible tokens comprising Know Your Customer (KYC) data to its cryptocurrency wallet holders.

The Polygon-based NFT will transition into a Web3 environment with the “Web2” KYC verification performed by the bank upon account opening.

In January, Cogni, which is insured by the United States Federal Deposit Insurance Corporation via a traditional New York bank, debuted its noncustodial multichain crypto wallet.

The wallet allows users to transmit, receive, and store cryptocurrencies and NFTs.

Optionally, users can mint the non-transferable soulbound NFT, which decentralized applications (DApps) can decrypt with the owner’s permission.

The bank’s objective is to enhance the user experience. Archie Ravishankar, founder and chief executive officer of Cogni, stated:

“The reason why the crypto-curious have not really been able to jump on the decentralization bandwagon is, one, obviously, the user experience. The second is trust in the ecosystem

“Everyone knows how to use digital banking.”

The crypto storage is accessible “in the course of a normal banking experience.”

The “bank-level” KYC information contained on the NFT satisfies KYC requirements in the United States and will be automatically accessible to partnering DApps.

Cogni anticipates creating a marketplace of DApps that can be connected with minimal effort, including KYC verification.

The use of non-custodial wallets has increased since the crypto winter bankruptcies of key crypto firms locked customers’ funds in custodial wallets.

The Cogni soulbound NFT will initially be made available to a limited number of users, with a summer release anticipated for the general public.


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