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Santa Monica, CA, December twelfth, 2024, Chainwire
The deal brings collectively trade leaders and units the stage for the following period of decentralized digital id
Dentity is proud to announce the acquisition of Trinsic’s decentralized id belongings, setting the stage for a dramatic enlargement of Web3 id options. These belongings represents superior decentralized id infrastructure on the planet, having enabled 1000’s of builders to construct user-controlled id options into their functions. With this transfer, Dentity goals to strengthen its place as a worldwide chief in decentralized id.
“Trinsic’s platform revolutionizes how shoppers management and share their private knowledge,” mentioned 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 absolutely accountable for their id — and might probably earn from it, not Huge Tech.”
Riley Hughes, co-founder of Trinsic, shared, “Dentity stands out as essentially the most profitable product constructed on our decentralized id platform. Their shopper scale and spectacular ecosystem of companions will permit Trinsic’s expertise to the touch tens of millions extra, making Dentity the right place for this platform to achieve its potential.”
Dentity has joined Trinsic’s Identification Acceptance Community, which allows seamless id verification via digital IDs in web3 wallets like Dentity, cellular driver’s licenses, and eID apps. Trinsic’s community offers 100 million shoppers on the spot entry to Dentity’s merchandise and ecosystem companions.
The Want for Digital Identification
In a world the place fraud, on-line scams, and id theft are on the rise, digital id provides a strong resolution. In reality, on-line grooming crimes have surged 89%, and romance scams are up 160%. This explosion of fraud highlights a significant problem — anonymity on-line is each a device for dangerous actors and a barrier to belief.
Decentralized id is the important thing to unlocking belief on-line. It empowers shoppers to securely share solely what’s obligatory, whether or not they’re shopping for, promoting, relationship, or collaborating within the rising Web3 financial system. For the primary time, people — not third events — management their knowledge, reducing out the middlemen who earns from shopper info.
The Timing
Customers are more and more dissatisfied with how their knowledge is managed by massive tech corporations. Over 75% of individuals don’t belief Huge Tech with their private info, and so they’re demanding extra management over their digital lives. Gartner (NYSE:) predicts that by 2026, 500 million smartphone customers will recurrently use a digital id pockets — a testomony to the rising want for decentralized digital id options.
Combining Trinsic’s highly effective id expertise with Dentity’s shopper apps and distribution channels accelerates the adoption of reusable, verified digital identities — serving to to fight fraud, streamline on-line interactions, and provides customers the instruments to handle their knowledge.
“The convergence of rising on-line fraud and shopper demand for extra privacy-driven options makes this the right time for Dentity to scale,” said Schwartz
A Multi-Billion Greenback Alternative (SO:)
The marketplace for digital id is projected to achieve $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 additionally helps Dentity and its companions scale sooner and attain a wider vary of builders seeking to combine decentralized id into their platforms.
“The way forward for Web3 and digital id is about empowering people, lowering on-line fraud, and making the web a extra reliable place. We’re constructing a future the place digital belief is simple, safe, and owned by the person.”
About Dentity
Dentity makes it straightforward for individuals to construct and handle digital belief on-line. They empower people to create, management, and confirm their id credentials, permitting them to securely share non-public knowledge with the individuals and organizations they work together with. Dentity powers one of many world’s most superior decentralized id infrastructure, enabling 1000’s of builders to combine user-controlled id options into their functions. Dentity offers tens of millions of shoppers full possession and management over their digital identities. Customers can go to www.dentity.com for extra info.
About Trinsic
Trinsic is the primary id acceptance community, facilitating 10x sooner id verification for 95 million shoppers. Its product acts as a gateway into dozens of id networks, cellular driver’s licenses, and eID apps. Corporations use Trinsic to verify for a digital ID earlier than asking customers to add a bodily ID doc for verification. Since founding in 2019, Trinsic has raised $9.4 million from Georgian, Kickstart Seed Fund, Osage Enterprise Companions and notable angel traders from the id area. Customers can go to trinsic.id to study extra.
ContactFounder and CEOJeff SchwartzDentityjeffrey@dentity.com818-481-9161
This text was initially revealed on Chainwire