Dentity Announces Acquisition of Trinsic’s Decentralized Identity Assets
December 12, 2024 – Dentity, a global leader in decentralized digital identity, announced the acquisition of Trinsic’s decentralized identity assets. This move aims to strengthen Dentity’s position in the market and expand its Web3 identity solutions.
The acquired assets represent advanced decentralized identity infrastructure worldwide, enabling thousands of developers to build user-controlled identity features into their applications. With this acquisition, Dentity aims to create 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, stated that Dentity’s 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
Online fraud, scams, and identity theft are on the rise, with online grooming crimes surging 89% and romance scams 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, empowering consumers to securely share only what’s necessary, whether they’re buying, selling, dating, or participating in the growing Web3 economy. The Timing
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.
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.
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