Cogni, a neobank with a crypto wallet, aimed to launch a KYC product leveraging NFTs, enabling account holders to streamline the KYC process when engaging with partnering exchanges.

Background

Cogni, a forward-thinking neobank boasting a crypto wallet, envisioned a world where Know Your Customer (KYC) didn't involve submitting the same information repeatedly for every exchange. Their vision was clear: a KYC product harnessing the capabilities of Non-Fungible Tokens (NFTs). The primary objective was to allow their users to undergo the KYC process once and provide the verified credentials to any partnering exchange effortlessly.

Solution

In a span of just 6 weeks leading up to NFT.NYC 2023, our team built an MVP that manifested Cogni's vision. This platform comprised:

• Mobile NFT Issuing App: Enabled users to undergo the KYC process once and receive an NFT as a proof of their verified status.
• Demo Marketplace: A platform integrating with the new Cogni Passport KYC technology, proving the concept of instantaneous KYC verifications.
• Decentralized KYC Data Storage: Using the Lit Protocol, KYC information was stored in a fully decentralized manner. The crucial differentiator? Users' KYC details remained confidential until they granted access to specific marketplaces with a wallet signature.

Future Endeavors

Following the success at NFT.NYC 2023, Cogni is now deliberating on extending their innovative KYC solution to all users on their platform. This promises not only a simplified KYC process but also a future where personal information remains decentralized and in the user's control.