Cogni, a New York- based neobank, announced the launch of Soulbound Tokens (STB), a non-fungible token, that will include Know Your Customer (KYC) information of its crypto wallet users, stated Cointelegraph. It is expected that the Polygon-based NFT will shift the accounts of its users in the Web3.0 platform.
Sources revealed that in January, Cogni, which had coverage by the United States Federal Deposit Insurance Corporation added a decentralised multichain crypto wallet, with the help of a traditional New York bank. It is believed that users can now source nontransferable Soulbound NFT, which can be decrypted by decentralized apps (DApps) with the owner’s permission, added Cointelegraph.
“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,” Archie Ravishankar, founder, CEO, Cogni, told Cointelegraph.
(With insights from Cointelegraph)