Cogni, a neobank, has launched a new feature for its noncustodial crypto wallet users. Customers will be able to receive soulbound NFTs, which include information from the KYC protocol that the bank carried out when they created their account. The NFTs will be created on the Polygon network, allowing customers to convert their Web2 KYC verification to a Web3 environment.
Cogni launched a crypto wallet in January that lets users manage cryptocurrencies and NFTs. Now, they have added a new feature that allows users to create non-transferable NFTs that include information from their KYC verification. These NFTs will be built on the Polygon network and can only be accessed by authorized decentralized apps using the owner’s private keys.
Ganesh Ravishankar, the CEO of Cogni, said that people are hesitant to use decentralized systems due to concerns about user experience and trust in the ecosystem. Cogni’s new NFT feature includes bank-level KYC information that meets US KYC regulations and will be automatically available to authorized DApps, without the need for any additional action.
Cogni wants to create an easy-to-use marketplace for decentralized apps that includes KYC verification. More people are using wallets that don’t have custodial services because of the bankruptcies of large cryptocurrency organizations in the past. These organizations froze customers’ money in custodial wallets, which made people prefer wallets that don’t have custodial services.
Cogni plans to release its soulbound NFT to the public during the summer. However, it will first be available to a selected group of users. The company aims to enhance the experience of decentralized finance by creating a user-friendly platform with secure banking-level security and verified user identities.