Neobank Introduces Soulbound NFTs
Cogni, a neobank, has announced that it will distribute soulbound nonfungible tokens holding KYC information to users of its crypto wallet. Customers’ “Web2” KYC verification performed by the bank at account opening will be transferred to a Web3 environment by the Polygon-based NFT.
Cogni, which is insured by the Federal Deposit Insurance Corporation through a regular New York bank, launched its noncustodial multichain crypto wallet in January. Users can use the wallet to transmit, receive, and store bitcoins and NFTs.
Users can choose mint the nontransferable soulbound NFT, which DApps can then decrypt with the authorization of the owner.
The “bank-level” KYC information published on the NFT satisfies US KYC regulations and will be available to partnered DApps without further intervention. Cogni foresees creating a marketplace of DApps that can be connected to, including KYC verification, with only a few clicks.
(With inputs from Shikha Singh)
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