Dentity is happy to announce it has acquired Trinsic’s decentralized identity assets to expand Web3 identity solutions.
The acquisition brings together two industry leaders to usher in the next phase of decentralized digital identity. Trinsic brings its identity technology to the table, while Dentity brings its consumer apps and distribution channels. This move strengthens Dennity’s position as a global leader, while Trinity will gain access to millions of users. The two have helped thousands of developers build user-controlled identity features into their applications.
Commenting on the acquisition, Jeff Schwartz, Founder and CEO of Dentity states:
“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.The convergence of rising online fraud and consumer demand for more privacy-driven solutions makes this the perfect time for Dentity to scale. The future of Web3 and digital identity is about empowering individuals, reduciang 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.”
This acquisition has also allowed Dentity to join the Trinsic Identity Acceptance Network, which was created to enable seamless identity verification through digital IDs in Web3 wallets, eID apps, and mobile driver’s licenses.
Dentity was created to allow users create and share a verified identity profile with other. Users are also able to request verified information for others. Notably, the acquisition will now allow Trinsic’s 100 million consumers access to Dentity’s products and ecosystem partners. The dual come together to create a solution for the growing fraud, identity theft and online scams that have majority derailed users from full immersion into the digital world. Coming together to offer users decentralized identities helps give users another opportunity to dive into the digital space.
By restoring trust online, Dentity will empower consumers to securely share their only necessary data while engaging with the Web3 ecosystem. This is reportedly aimed at giving individuals full control of their data. The end result being an environment free from fraud and identity theft. According to reports, the market for digital identity is projected to reach $325 billion by 2027. This acquisition sets Dentity at the forefront of the fast-growing market, benefiting its partners and the entire ecosystem.