Quick take:
Digital banking platform, Cogni, has launched its new multi-chain wallet to integrate Web3 services within a traditional Web2 banking platform.
Headquartered in New York City, Cogni’s investors include Hanwha Asset Management, CXO Fund, Solana Capital, ROK Capital, 35 Ventures, Bluewatch Ventures, World Quant, Hard Yakka, and other angel investors and venture capital firms.
The newly launched wallet expands Cogni’s offerings from Web2 to Web3. It supports blockchains including Binance, Bitcoin, Ethereum, Litecoin, Solana, and others.
Users will be able to hold their NFTs across multiple blockchains in the Cogni wallet and will also be able to send, receive, and store cryptocurrencies and NFTs to wallet addresses using Unstoppable Domains integration.
The wallet’s multi-party technology enables recovery options and ensures users have the security, safety, and compliance of traditional banking integrated into the Web3 ecosystem. Cogni’s users maintain sole ownership of the private keys that control their digital assets.
“The average consumer struggles to adopt Web3 services due to poor integration within existing platforms and overly complex user experiences,” said Archie Ravishankar, founder and CEO of Cogni. “This Multi-Chain Wallet is proof that Web3 services can reinvigorate traditional banking products and place more financial control in a consumer’s hands than ever before.”
Despite the crypto winter, Cogni is making a push into Web3 as it expands its lifestyle-focused services beyond the confines of traditional Web2 digital banking. With the wallet, the company aims to be a frontrunner in regulatory compliance.
This news comes after Cogni hired seasoned crypto executive Simon Grunfeld as the VP of Web3 in August. Grunfeld will spearhead Cogni’s Web3 expansion and regulatory compliance as new regulations come out this year or next year
“We are proud to launch this new wallet as a conduit for traditional banking services and Web3 experiences to coexist seamlessly, and safely,” said Grunfeld, Head of Web3 at Cogni. “Cogni welcomes increases in regulatory oversight to ensure that all users have absolute confidence in their platforms.”
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