Cogni’s Latest Innovation: Using Soulbound NFTs to Securely Store KYC Information

Cogni, the New York-based neobank, has announced an exciting new feature for its customers. They can now store their KYC information in Soulbound NFTs, which are kept in a multichain wallet. This new technology aims to improve the bank’s KYC process while boosting trust in the blockchain.

Soulbound NFTs are blockchain assets that are non-transferable, unlike regular NFTs. This makes them ideal for permanent records management, such as KYC information. These personalized NFTs contain the necessary information on “bank-level” to comply with US regulatory requirements and will also serve as access to partner DApps in the future.

CEO Archie Raviskankar emphasizes that trust is a critical factor in the ecosystem, and Soulbound NFTs can increase trust in the blockchain. With this technology, the bank’s customers can securely store their KYC information and retain control of their data.

Cogni plans to launch its DApp marketplace, which will enable easy access to customers’ Soulbound NFTs for KYC information retrieval. This innovative idea has the potential to revolutionize the financial industry and take the KYC process to a new level for banks and authorities.

The introduction of Soulbound NFTs for KYC checks is a significant step in the development of blockchain technology. It shows how businesses are utilizing innovative solutions to offer better services to their customers. This technology’s future development and other applications will be interesting to follow.

With Soulbound NFTs, Cogni takes a significant leap towards ensuring its customers’ data security and control while complying with regulatory requirements. As blockchain technology continues to evolve, we can expect to see more innovative solutions like this emerge to improve financial services.

Cogni introduces Soulbound NFTs