Santa Monica, CA, December twelfth, 2024, Chainwire
The deal brings collectively trade leaders and units the stage for the subsequent period of decentralized digital identification
Dentity is proud to announce the acquisition of Trinsic’s decentralized identification property, setting the stage for a dramatic growth of Web3 identification options. These property represents superior decentralized identification infrastructure on the earth, having enabled 1000’s of builders to construct user-controlled identification options into their purposes. With this transfer, Dentity goals to strengthen its place as a world chief in decentralized identification.
“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 totally in command of their identification — and may doubtlessly earn from it, not Massive Tech.”
Riley Hughes, co-founder of Trinsic, shared, “Dentity stands out as essentially the most profitable product constructed on our decentralized identification platform. Their shopper scale and spectacular ecosystem of companions will enable Trinsic’s expertise to the touch hundreds of thousands extra, making Dentity the right place for this platform to achieve its potential.”
Dentity has joined Trinsic’s Id Acceptance Community, which permits seamless identification verification by means of digital IDs in web3 wallets like Dentity, cell 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 Id
In a world the place fraud, on-line scams, and identification theft are on the rise, digital identification affords a strong resolution. In reality, on-line grooming crimes have surged 89%, and romance scams are up 160%. This explosion of fraud highlights a serious problem — anonymity on-line is each a device for dangerous actors and a barrier to belief.
Decentralized identification is the important thing to unlocking belief on-line. It empowers shoppers to securely share solely what’s essential, whether or not they’re shopping for, promoting, relationship, or collaborating within the rising Web3 economic 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 giant tech corporations. Over 75% of individuals don’t belief Massive Tech with their private info, and so they’re demanding extra management over their digital lives. Gartner predicts that by 2026, 500 million smartphone customers will recurrently use a digital identification pockets — a testomony to the rising want for decentralized digital identification options.
Combining Trinsic’s highly effective identification 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
The marketplace for digital identification 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 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, decreasing on-line fraud, and making the web a extra reliable place. We’re constructing a future the place digital belief is straightforward, safe, and owned by the person.”
About Dentity
Dentity makes it simple for folks to construct and handle digital belief on-line. They empower people to create, management, and confirm their identification credentials, permitting them to securely share personal knowledge with the folks and organizations they work together with. Dentity powers one of many world’s most superior decentralized identification infrastructure, enabling 1000’s of builders to combine user-controlled identification options into their purposes. Dentity offers hundreds of thousands 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 identification acceptance community, facilitating 10x quicker identification verification for 95 million shoppers. Its product acts as a gateway into dozens of identification networks, cell driver’s licenses, and eID apps. Firms 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 identification house. Customers can go to trinsic.id to be taught extra.
Contact
Founder and CEO
Jeff Schwartz
Dentity
[email protected]
818-481-9161