According to BlockBeats, Polygon Labs, the main development team of Polygon, has completed a derivative product of its ID solution, "Privado ID". The team said that the team behind Iden3 Protocol and Polygon ID is committed to expanding Privado ID beyond the Polygon network and is currently actively establishing strategic partnerships with on-chain and institutional organizations. These include proofs of concept (PoC) with some multinational banks and financial services companies, which aim to establish a technical foundation for an interoperable and compatible identity framework. This PoC will also explore the use of Privado ID's verifiable credentials (VC) as an access control point for licensed financial transactions.