Dentity Acquires Trinsic’s Decentralized ID Platform to Increase Adoption of Web3 Digital Identities

Santa Monica, CA, December twelfth, 2024, Chainwire

The deal brings collectively business 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 enlargement of Web3 identification options. These property represents superior decentralized identification infrastructure on the planet, having enabled hundreds of builders to construct user-controlled identification options into their functions. With this transfer, Dentity goals to strengthen its place as a worldwide chief in decentralized identification.

“Trinsic’s platform revolutionizes how customers management and share their private information,” 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 accountable for their identification — and might probably 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 client scale and spectacular ecosystem of companions will permit Trinsic’s know-how to the touch hundreds of thousands extra, making Dentity the proper 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, cellular driver’s licenses, and eID apps. Trinsic’s community offers 100 million customers prompt 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 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 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 customers to securely share solely what’s crucial, 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 information, slicing out the middlemen who earns from client info.

The Timing

Shoppers are more and more dissatisfied with how their information is managed by giant tech corporations. Over 75% of individuals don’t belief Massive Tech with their private info, they usually’re demanding extra management over their digital lives. Gartner (NYSE:IT) predicts that by 2026, 500 million smartphone customers will commonly use a digital identification pockets — a testomony to the rising want for decentralized digital identification options.

Combining Trinsic’s highly effective identification know-how with Dentity’s client 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 information.

“The convergence of rising on-line fraud and client demand for extra privacy-driven options makes this the proper time for Dentity to scale,” acknowledged Schwartz

A Multi-Billion Greenback Alternative (SO:FTCE11B)

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 individuals to construct and handle digital belief on-line. They empower people to create, management, and confirm their identification credentials, permitting them to securely share non-public information with the individuals and organizations they work together with. Dentity powers one of many world’s most superior decentralized identification infrastructure, enabling hundreds of builders to combine user-controlled identification options into their functions. Dentity offers hundreds of thousands of customers 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 customers. Its product acts as a gateway into dozens of identification networks, cellular driver’s licenses, and eID apps. Corporations use Trinsic to test 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 study extra.

ContactFounder and CEOJeff SchwartzDentityjeffrey@dentity.com818-481-9161

This text was initially printed on Chainwire