The deal brings together industry leaders and sets the stage 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 Web 3.0 identity solutions.
These assets represent advanced decentralized identity infrastructure in the world, having enabled thousands of developers to build user-controlled identity features into their applications.
With this move, Dentity aims to strengthen its position as a global leader in decentralized identity.
Jeff Schwartz, founder and CEO of Dentity, said,
“Trinsic’s platform revolutionizes how consumers control and share their personal data.
“This acquisition brings us one step closer to creating a safer, more secure digital future, where individuals are fully in charge of their identity – and can potentially earn from it – not ‘Big Tech.’”
Riley Hughes, co-founder of Trinsic, said,
“Dentity stands out as the most successful product built on our decentralized identity platform.
“Their consumer scale and impressive ecosystem of partners will allow Trinsic’s technology to touch millions more, making Dentity the perfect place for this platform to reach its potential.”
Dentity has joined Trinsic’s identity acceptance network, which enables seamless identity verification through digital IDs in Web 3.0 wallets like Dentity, mobile drivers licenses and eID apps.
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 surged 89%, and romance scams are up 160%.
This explosion of fraud highlights a major challenge – anonymity online is both a tool for bad actors and a barrier to trust.
Decentralized identity is the key to unlocking trust online.
It empowers consumers to securely share only what’s necessary, whether they’re buying, selling, dating or participating in the growing Web 3.0 economy.
For the first time, individuals – not third parties – control their data, cutting out the middlemen who earns from consumer information.
The timing
Consumers are increasingly dissatisfied with how their data is controlled by large tech companies.
Over 75% of people don’t trust Big Tech with their personal information, and they’re demanding more control over their digital lives.
Gartner predicts that by 2026, 500 million smartphone users will regularly use a digital identity wallet – a testament to the growing need for decentralized digital identity solutions.
Combining Trinsic’s powerful identity technology with Dentity’s consumer apps and distribution channels accelerates the adoption of reusable, verified digital identities – helping to combat fraud, streamline online interactions and give users the tools to manage their data.
Schwartz added,
“The convergence of rising online fraud and consumer demand for more privacy-driven solutions makes this the perfect time for Dentity to scale.”
A multi-billion dollar opportunity
The market for digital identity is projected to reach $325 billion by 2027, and with this acquisition, Dentity is uniquely positioned to capture its share.
The acquisition not only unlocks new growth opportunities but also helps Dentity and its partners scale faster and reach a wider range of developers looking to integrate decentralized identity into their platforms.
Schwartz also said,
“The future of Web 3.0 and digital identity is about empowering individuals, reducing online fraud and making the internet a more trustworthy place.
“We’re building a future where digital trust is easy, secure and owned by the individual.”
About Dentity
Dentity makes it easy for people to build and manage digital trust online.
They empower individuals to create, control and verify their identity credentials, allowing them to securely share private data with the people and organizations they interact with.
Dentity powers one of the world’s most advanced decentralized identity infrastructure, enabling thousands of developers to integrate user-controlled identity features into their applications.
Dentity gives millions of consumers full ownership and control over their digital identities.
Trinsic is the first identity acceptance network, facilitating 10 times faster identity verification for 95 million consumers.
Its product acts as a gateway into dozens of identity networks, mobile drivers licenses and eID apps.
Companies use Trinsic to check for a digital ID before asking users to upload a physical ID document for verification.
Since founding in 2019, Trinsic has raised $9.4 million from Georgian, Kickstart Seed Fund, Osage Venture Partners and notable angel investors from the identity space.
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December 12, 2024 – Santa Monica, California The deal brings together industry leaders and sets the stage 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 Web 3.0 identity solutions. These assets represent advanced decentralized identity
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This articles is written by : Nermeen Nabil Khear Abdelmalak
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