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

Santa Monica, CA, December 12th, 2024, Chainwire

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 Web3 identity solutions. These assets represents 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.

“Trinsic’s platform revolutionizes how consumers control and share their personal data,” said Jeff Schwartz, Founder and CEO of Dentity. “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, shared, “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 web3 wallets like Dentity, mobile driver’s 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 Web3 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 (NYSE:IT ) 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.

“The convergence of rising online fraud and consumer demand for more privacy-driven solutions makes this the perfect time for Dentity to scale,” stated SchwartzA Multi-Billion Dollar Opportunity (SO:FTCE11B )

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.

“The future of Web3 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. Users can visit www.dentity.com for more information.

About Trinsic

Trinsic is the first identity acceptance network, facilitating 10x faster identity verification for 95 million consumers. Its product acts as a gateway into dozens of identity networks, mobile driver’s 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. Users can visit trinsic.id to learn more.

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This article was originally published on Chainwire

Source: Investing.com