Santa Monica, California, December 12, 2024, Chainwire
The settlement brings collectively trade leaders and units the stage for the following period of decentralized digital identification.
Dentity is proud to announce the acquisition of Trinsic's decentralized identification belongings, paving the way in which for a dramatic enlargement of Web3 identification options. These belongings characterize superior decentralized identification infrastructure worldwide, having enabled hundreds of builders to combine user-controlled identification options into their functions. With this transfer, Dentity goals to strengthen its place as a world chief in decentralized identification.
“Trinsic’s platform revolutionizes the way in which shoppers management and share their private knowledge,” stated Jeff Schwartz, founder and CEO of Dentity. “This acquisition brings us nearer to making a safer, safer digital future, the place people are absolutely chargeable for their identification – and may doubtlessly revenue from it, not Huge Tech.”
Riley Hughes, co-founder of Trinsic, stated: “Id stands out as probably the most profitable product constructed on our decentralized identification platform. Their mainstream scale and spectacular associate ecosystem will permit Trinsic’s know-how to succeed in tens of millions extra folks, making Dentity the best place for this platform to succeed in its potential.
Dentity has joined Trinsic's Id Acceptance Community, which allows seamless identification verification by means of digital IDs in Web3 wallets equivalent to Dentity, cell driver's licenses and eID apps. Trinsic's community offers 100 million shoppers prompt entry to Dentity's merchandise and ecosystem companions.
The necessity for digital identification
In a world the place fraud, on-line scams and identification theft are on the rise, digital identification affords a robust resolution. Actually, on-line grooming crimes have elevated by 89% and romance scams by 160%. This explosion in fraud highlights a significant problem: on-line anonymity is each a software for dangerous actors and a barrier to belief.
Decentralized identification is the important thing to restoring belief on-line. It permits shoppers to securely share solely what is important, whether or not they’re shopping for, promoting, courting, or taking part within the rising Web3 financial system. For the primary time, people, not third events, management their knowledge, eliminating middlemen who revenue from client data.
The second
Shoppers are more and more sad with the way in which their knowledge is managed by large tech firms. Greater than 75% of individuals don't belief Huge Tech with their private data and demand extra management over their digital lives. Gartner (NYSE:) predicts that by 2026, 500 million smartphone customers will often use a digital identification pockets – demonstrating the rising want for decentralized digital identification options.
Combining Trinsic's highly effective identification know-how with Dentity's client functions and supply channels accelerates the adoption of reusable, verified digital identities, serving to to fight fraud, streamline on-line interactions and to present customers the instruments they should handle their knowledge.
“The convergence of rising on-line fraud and client demand for extra privacy-focused options makes this the right time for Dentity to evolve,” Schwartz stated.
A billion {dollars} Alternative (SO:)
The digital identification market is anticipated to succeed in $325 billion by 2027, and with this acquisition, Dentity is in a novel place to seize its share. The acquisition not solely opens up new development alternatives, but in addition helps Dentity and its companions scale quicker and attain a wider vary of builders seeking to combine decentralized identification into their platforms.
“The way forward for Web3 and digital identification is about empowering people, lowering on-line fraud, and making the Web a extra trusted place. We’re constructing a future the place digital belief is simple, safe and belongs to the person.
About Dentity
Dentity makes it straightforward for customers to create and handle digital belief on-line. They permit people to create, management and confirm their credentials, permitting them to securely share non-public knowledge with the folks and organizations they work together with. Dentity powers one of the superior decentralized identification infrastructures on the planet, enabling hundreds of builders to combine user-controlled identification options into their functions. Dentity offers tens of millions of shoppers full possession and management of their digital identification. Customers can go to www.dentity.com for extra data.
About Trinsic
Trinsic is the main identification acceptance community, facilitating 10x quicker identification verification for 95 million shoppers. Its product acts as a gateway to dozens of identification networks, cell driver's licenses and eID functions. Companies use Trinsic to confirm a digital ID earlier than asking customers to add a bodily ID doc for verification. Since its inception in 2019, Trinsic has raised $9.4 million from Georgian, Kickstart Seed Fund, Osage Enterprise Companions, and notable angel traders within the identification area. Customers can go to trisic.id to study extra.
ContactFounder and CEOJeff SchwartzEstablishjeffrey@dentity.com818-481-9161
This text was initially revealed on Chainwire
