Santa Monica, CA, December 12, 2024, Chainwire
This agreement brings together industry leaders and prepares us for the next era of decentralized digital identity.
Dentity is proud to announce the acquisition of Trinsic's decentralized identity assets, setting the stage for a dramatic expansion of its Web3 identity solutions. These assets represent advanced decentralized identity infrastructure around the world, enabling thousands of developers to build user-controlled identity functionality into their applications. With this move, Dentity aims to strengthen its position as a global leader in decentralized identity.
“Trinsic's platform revolutionizes the way consumers manage and share their personal data,” said Jeff Schwartz, founder and CEO of Dentity. “This acquisition brings us one step closer to creating a safer and more secure digital future where individuals are in full control of their identity and can potentially profit from it rather than Big Tech.” said Trinsic co-founder Riley Hughes. , “Dentity stands out as the most successful product built on a decentralized identity platform. With the company's consumer scale and impressive ecosystem of partners, Trinsic's technology stands out as the most successful product built on a decentralized identity platform. Dentity joins Trinsic's Identity Acceptance Network, making Dentity the perfect place to unleash the potential of this platform. Enables seamless identity verification through . Dentity, mobile driving license, eID apps and more. Trinsic's network gives 100 million consumers instant access to Dentity's products and ecosystem partners.
The need for digital identity
In a world where fraud, online scams, and identity theft are on the rise, digital identity offers a powerful solution. In fact, online grooming crimes have increased by 89% and romance scams have increased by 160%. This surge in fraud highlights a major challenge: online anonymity is both a tool for bad actors and a barrier to trust.
Decentralized identity is the key to breaking trust online. This allows consumers to securely share only what they need to buy, sell, date, and participate in the growing Web3 economy. For the first time, individuals, rather than third parties, are in control of their data, eliminating intermediaries who profit from consumer information.
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Consumers are becoming increasingly frustrated with the way their data is managed by big technology companies. Over 75% of people don't trust Big Tech with their personal information and want more control over their digital lives. Gartner (NYSE:) predicts that by 2026, 500 million smartphone users will regularly use digital identity wallets. This is evidence of the growing need for decentralized digital identity solutions.
Combining Trinsic's powerful ID technology with Dentity's consumer apps and distribution channels will accelerate the adoption of reusable, verified digital identities to fight fraud, streamline online interactions, and empower users. It helps provide tools to manage your data.
“The rise in online fraud combined with consumer demand for more privacy-focused solutions makes now the perfect time for Dentity to scale,” Schwartz said. Masu. Multi-Billion Dollar Opportunity (SO:)
The digital identity market is expected to reach $325 billion by 2027, and this acquisition puts Dentity in a unique position to capture that share. This acquisition not only opens up new growth opportunities, but also allows Dentity and its partners to scale more quickly and reach a broader range of developers looking to integrate decentralized identity into their platforms.
“The future of Web3 and digital identity is about empowering individuals, reducing online fraud, and making the internet a more trustworthy place. is building.”
Dentity makes it easy to build and manage digital trust online. They enable individuals to create, manage, and verify their own identity credentials and securely share private data with the people and organizations they interact with. Dentity powers one of the world's most advanced decentralized identity infrastructures, enabling thousands of developers to integrate user-controlled identity capabilities into their applications. Dentity gives millions of consumers complete ownership and control over their digital identities. For more information, please visit www.dentity.com.
About Trinsic
Trinsic is the first identity acceptance network that facilitates 10x faster identity verification for 95 million consumers. The company's products serve as a gateway to dozens of ID networks, mobile driver's licenses, and eID apps. Businesses use Trinsic to check digital IDs before asking users to upload physical ID documents for verification. Since its founding in 2019, Trinsic has raised $9.4 million from Georgian, Kickstart Seed Fund, Osage Venture Partners, and prominent angel investors in the identity space. Users can visit trinsic.id for more information.
Contact Founder & CEOJeff SchwartzDentityjeffrey@dentity.com818-481-9161
This article was originally published on Chainwire
