Santa Monica, CA, December 12, 2024, Chainwire
This transaction 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 the dramatic expansion of its Web3 identity solutions. These assets represent the world’s advanced decentralized identity infrastructure and have enabled thousands of developers to build user-controlled identity capabilities into their applications. With this move, Dentity aims to strengthen its position as a global leader in decentralized identity.
“Trinsic’s platform has revolutionized the way consumers manage and share their personal data,” said Jeff Schwartz, founder and CEO of Dentity. “With this acquisition, we are one step closer to creating a safer and more secure digital future where individuals have full control of their identities and can potentially profit from it, not Big Tech.”
Riley Hughes, co-founder of Trinsic, said: “Dentity is our most successful product built on our decentralized identity platform. “With consumer scale and an impressive partner ecosystem that will allow Trinsic’s technology to reach millions of dollars and more, Dentity will be the perfect place to unleash this platform’s potential.”
Dentity has joined Trinsic’s Identity Acceptance Network, which enables seamless identity verification through digital IDs in web3 wallets such as Dentity, mobile driver’s license, and eID apps. Trinsic’s network provides 100 million consumers with immediate access to Dentity’s products and ecosystem partners.
The need for digital identity
In a world where fraud, online fraud, and identity theft are on the rise, digital identity offers a powerful solution. In fact, online grooming crimes increased by 89% and romance scams increased by 160%. This explosion of fraud highlights a significant challenge. Online anonymity is both a tool for malicious actors and a barrier to trust.
Decentralized identity is the key to gaining trust online. This allows consumers to securely share only what they need, whether buying, selling, dating, or participating in the growing Web3 economy. For the first time, individuals rather than third parties control their own data, eliminating the middlemen who profit from consumer information.
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Consumers are increasingly dissatisfied with the way big tech companies control their data. More than 75% of people do not trust Big Tech with their personal information and are demanding more control over their digital lives. Gartner predicts that by 2026, 500 million smartphone users will regularly use digital identity wallets. This is evidence of the growing demand for decentralized digital identity solutions.
Combining Trinsic’s powerful identity technology with Dentity’s consumer apps and distribution channels will accelerate the adoption of reusable, verified digital identities to prevent fraud, streamline online interactions, and provide users with data management tools.
“With rising online fraud and consumer demand for privacy-focused solutions converging, now is the perfect time for Dentity’s expansion,” said Schwartz.
A BILLION DOLLAR OPPORTUNITY
The digital identity market is expected to reach $325 billion by 2027, and this acquisition puts Dentity in a unique position to capture share. This acquisition not only opens up new growth opportunities, but also helps Dentity and its partners scale faster and reach a broader range of developers looking to integrate decentralized identities into their platforms.
“The future of Web3 and digital identities is about empowering individuals, reducing online fraud, and making the Internet a more trustworthy place. “We are building a future where digital trust is easy, secure, and privately owned.”
Dental information
Denity makes it easy for people to build and manage digital trust online. It allows individuals to create, control, and verify their identity credentials, allowing them to securely share personal 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 full ownership and control of their digital identities. Users can visit www.dentity.com for more information.
About Trinzic
Trinsic is the first identity verification network, enabling 10x faster identity verification for 95 million consumers. The product serves as a gateway to dozens of identity networks, mobile driver’s licenses, and eID apps. The company uses Trinsic to verify 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 to learn more.
contact
Founder and CEO
jeff schwartz
teeth
jeffrey@dentity.com
818-481-9161
Dentity Acquires Trinsic’s Decentralized ID Platform to Expand Adoption of Web3 Digital Identities