Santa Monica, CA, December 12, 2024, Chainwire
The settlement brings collectively trade leaders and paves the best way for the subsequent period of decentralized digital id
Dentity is proud to announce the acquisition of Trinsic's decentralized id property, setting the stage for a dramatic enlargement of Web3's id options. These property characterize the world's superior decentralized id infrastructure, which has enabled hundreds of builders to construct user-driven id parts into their functions. With this step, Dentity desires to strengthen its place as a worldwide chief within the subject of decentralized id.
“Trinsic's platform is revolutionizing the best way customers management and share their private knowledge,” stated Jeff Schwartz, founder and CEO of Dentity. “This acquisition brings us one step nearer to making a safer, safer digital future the place people are totally answerable for their id – and may probably monetize it, not Large Tech.”
Riley Hughes, co-founder of Trinsic, stated: “Dentity stands out as essentially the most profitable product constructed on our decentralized id platform. Their shopper scale and spectacular ecosystem of companions will allow Trinsic's expertise to the touch hundreds of thousands extra, making Dentity the proper place for this platform to succeed in its potential.”
Dentity has joined Trinsic's Id Acceptance Community, which permits seamless id verification by means of digital IDs in net 3 wallets similar to Dentity, cellular driver's licenses and eID functions. Trinsic's community offers 100 million customers with instantaneous entry to Dentity's merchandise and ecosystem companions.
The necessity for a digital id
In a world the place fraud, on-line fraud and id theft are on the rise, digital id affords a robust resolution. The truth is, on-line grooming crimes have elevated by 89% and romance scams by 160%. This explosion of fraud highlights a serious problem – on-line anonymity is each a software for unhealthy actors and a barrier to belief.
Decentralized id is the important thing to unlocking belief on-line. It permits customers to securely share solely what is important, whether or not they’re shopping for, promoting, courting or collaborating within the rising Web3 financial system. For the primary time in historical past, people — not third events — management their knowledge, chopping out middlemen who make cash off shopper info.
Timing
Customers are more and more dissatisfied with how their knowledge is managed by large tech corporations. Over 75% of individuals don't belief Large Tech with their private knowledge and demand extra management over their digital lives. Gartner (NYSE: ) predicts that by 2026, 500 million smartphone customers can be utilizing a digital id pockets regularly – demonstrating the rising want for decentralized digital id options.
The mix of Trinsic's highly effective id expertise with Dentity's shopper functions and distribution channels accelerates the adoption of reusable, verified digital identities – serving to to battle fraud, streamlining on-line interactions and offering customers with instruments to handle their knowledge.
“The convergence of accelerating on-line fraud and shopper demand for privacy-focused options makes this a really perfect time for Dentity to scale,” stated Schwartz.
Many billions of {dollars} Alternative (SO:)
The digital id market is predicted to succeed in $325 billion by 2027, and with this acquisition, Dentity is uniquely positioned to seize its share. The acquisition not solely unlocks new progress alternatives, but in addition helps Dentity and its companions scale sooner and attain a wider vary of builders who need to combine decentralized id into their platforms.
“The way forward for Web3 and digital id is about empowering people, decreasing on-line fraud and making a extra trusted web. We’re constructing a future the place digital belief is straightforward, safe and owned by the person.”
About Dentita
Dentity makes it straightforward for folks to construct and handle digital belief on-line. They permit people to create, management and confirm their identification info, enabling them to securely share non-public knowledge with the folks and organizations they work together with. Dentity powers one of many world's most superior decentralized id infrastructures, enabling hundreds of builders to combine user-driven id parts into their functions. Dentity provides hundreds of thousands of customers full possession and management over their digital id. For extra info, customers can go to www.dentity.com.
About Trinsic
Trinsic is the primary id acceptance community that permits 10x sooner id verification for 95 million customers. Its product acts as a gateway to dozens of id networks, cellular driver's licenses and eID functions. Firms use Trinsic to confirm a digital ID earlier than asking customers to add a bodily ID doc for verification. Since its founding in 2019, Trinsic has raised $9.4 million from Georgian, Kickstart Seed Fund, Osage Enterprise Companions and main id angel buyers. Customers can go to trinsic.id to study extra.
ContactFounder and CEOJeff SchwartzDentitiesjeffrey@dentity.com818-481-9161
This text was initially revealed on Chainwire
