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The 15th episode of the FinanceFeeds podcast is back. Editor-in-Chief Nikolai Isayev chats with Simon Grunfeld, his Web3 head at Cogni.
Simon Grunfeld is known within the FX industry as the founder of Gallant FX. Gallant FX is his PaaS global leader in forex trading technology serving both individual and institutional investors. He left the FX business in 2010 when the Dodd-Frank Act was introduced and enforced in the US.
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He then entered the world of digital assets as a founder of OTC crypto solutions for 5 years before joining blockchain pioneer Apifiny. NFTs.
During the COVID-19 lockdown, he worked as a senior consultant for NFT platform VeVe, and earlier this year he took on the role of VP of crypto at SIMBA Chain, helping with token issuance and patents for issuance in compliance with US law. applied for. .
In July 2022, Simon Grunfeld was appointed Head of Web3 at Cogni. Cogni is a New York-based digital bank that provides easy access to his Web2 and Web3 services across traditional finance, cryptocurrencies, NFTs, games and the metaverse.
Cogni addresses fear in the aftermath of ‘Crypto Winter’
In a topic where the phrase “filling the gap” was first discussed, Grunfeld pointed out the extreme ambiguity of the claims companies in the ecosystem frequently use. – and lack of problem solving. “It sounds very good in theory, but in practice it’s causing more problems than it should have in the first place.”
Meanwhile, Cogni fears that a centralized platform may be the next after a string of bankruptcies affecting the digital asset space, citing problems facing millions of cryptocurrency users who are staying up at night. really dealt with. Withdraw your hard earned cash or digital assets.
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“Not your key, not your cipher” is a saying we take to heart at Cogni. “Cogni bridges the gap between Web2 and Web3 from a banking perspective in the sense that Cogni is rolling out the first non-custodial crypto wallet and banking app,” said Grunfeld. “Storing cryptocurrencies and sending and receiving cryptocurrencies in wallets is part of banking and you, the user, own the keys, not Cogni. If for any reason you don’t like the app, Take those keys to another wallet, we have no control over that.”
“Users don’t have to trust us”
What makes Cogni completely different from all the down platforms like FTX, Voyager, Celsius Network, etc. is that every dollar deposited by users is FDIC insured. This can only be done if you have a banking license.
“Users do not need to trust us because you are in full control of your cryptocurrency and fiat deposits are FDIC insured,” he continued. “Tomorrow, if you decide to disband for any reason, you can get your money back and your assets can go anywhere.
“This is a true bridge between Web2 and Web3. The security you get with the FDIC and the knowledge that we can’t hold your crypto. It’s yours and yours alone.”
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The lifestyle-focused digital banking platform has already gone through its first phase of product release and is currently preparing for its second phase. Phase 2 is expected to roll out in Q2 2023 to expand support for a number of blockchain EVMs including Bitcoin, Ethereum and Solana.
CeFi platforms offer non-deliverable goods like CFDs.Cogni provides crypto
Cogni and its FDIC-insured banking app are an entirely different ball game than a centralized platform. One of the main differences is that CeFi products are non-distributable digital assets. Much like Contracts for Difference (CFDs). This means no distribution of crypto assets. In other words, “If they get pissed off… good luck!” he repeated. “If you buy through Cogni, it’s yours. It’s not ours.”
Grunfeld also pointed out a unique solution on the Fiat side of the operation. “Show me a platform that offers FDIC backing on deposits. As far as I know there is only one. We don’t do that. We are a banking platform, ”he explains, telling Nikolai that he has done a lot of work with centralized platforms and that platform providers manipulate users. But Cogni takes an approach that doesn’t require user trust. “We don’t have access to your money.”
lifestyle, carbon footprint, sports
Cogni’s unique value proposition extends beyond non-custodial crypto services with FDIC-guaranteed deposits. The platform raises carbon footprint awareness by providing tools and utilities that make life interesting and help users understand the carbon footprint associated with their daily spending. However, due to trust issues, carbon credits are not included in the roadmap. Until regulators take action, he conceded, anyone could easily set up his carbon credit shop and falsely claim to offer true carbon credit. “I’m not saying they’re all scammers, but there are a lot of scammers out there.” As a side note, he reminded us that the crypto ecosystem is a pioneer in the transition to the environment. Ethereum’s move from Proof of Work (PoW) to Proof of Stake (PoS) is a solid example of a massive 99% reduction in overload.
Regarding its lifestyle mission, Cogni has already attracted interest from major brands, creating NFT drops for their users and bringing them into the ecosystem so they can build communities with exclusive access and experiences. increase.
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One example is our partnership with sports college platform Campus Legends. This is meant to accommodate college athletes looking to build a fan base ahead of a potential professional career in the big leagues.
Cogni Holds Future KYC Standards for Web3 Enterprises
Grunfeld is waiting for rules and regulations to be enacted. Once regulation is enacted, the laissez-faire era within the crypto space will be over, KYC/AML requirements will be ubiquitous, and businesses will face significant challenges. Verify User? “
Cogni has a solution called “Passport”, a KYC standard that “bridges Web2 KYC sophistication with Web3 portability.”
“Passport” addresses the need for businesses to know who they are dealing with in a compliant way in the complex world of Web3. So how can you do that? “The more you use your wallet, the more I know about your interactions,” he says, adding that new platforms that act as VPNs or proxies pointed out. Interactions can be recorded and user profiles can be created so Web3 companies can better serve their users.
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So what makes Cogni different? “When you open an account with us, you effectively open a bank account,” he says, adding that the platform uses a non-transferable token (Seoul It also tracks user behavior through a bound token (also known as a bound token). .
This token allows the Web3 platform to verify that a particular wallet is authorized by Cogni. Additionally, if you would like a copy of that information, you may obtain it using the Cogni KYC standard. Information is encrypted and put on the chain instead of being stored in a central database. This ensures protection in the event of a security breach.
An interview with Simon Grunfeld also covers how his passion for New York Yankees hats nearly got him into trouble at a Boston restaurant, the international incident of the FTX collapse and the lessons learned from it. I was. A hands-off model that follows the motto “Not your key, not your cipher”.
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