Privado ID spins off from Polygon Labs to target $101B digital identity market

Privado ID has rebranded from Polygon ID and spun off from Polygon Labs to deal with the mainstream digital identity market.

In an announcement shared with CryptoSlate, Privado ID defined that the transfer goals to meet the worldwide demand for on-line and on-chain digital identity options. It forecasted that the Digital identity options market will rise to $101.37 billion by 2030 from $30.81 billion in 2023.

It added that it plans to increase past the Polygon community by constructing options appropriate with any Ethereum Digital Machine (EVM) chain.

Privado ID

The ID answer supplier leverages decentralization and personal interplay to scale back prices, complexity, and counterparty dangers. It acknowledged:

“Privado ID’s privacy-centric, decentralized identity framework enables trusted relationships between companies, apps and users onchain, online and in real life.”

The answer allows people to management their information whereas utilizing it to obtain advantages or data straight from apps. This strategy ensures customers’ proof-of-humanity, compliance, sharing incentives, and general interplay with the Web3 sector.

Moreover, Privado ID has partnered with a number of main finance-related companies on proof-of-concept (PoC) tasks to create a compliant and interoperable identity framework. These PoCs make the most of Privado ID’s verifiable credentials (VCs) for permissioned monetary transactions, participating solely eligible members in DeFi actions. The VCs can be used for proof-of-personhood, {qualifications}, authorized standing, and different identity-based companies.

The platform has additionally built-in with the Verax attestation registry on Consensys’ Linea zkEVM Chain to deal with identity-related points.

Antoni Martin, Privado ID co-founder, stated:

“We believe that Privado ID’s technology, with its emphasis on privacy, user control, and interoperability, will revolutionize how individuals, agents, and organizations find each other and interact in connected spaces, lowering the cost of trust and mitigating the risks of identity theft, fraud, and misinformation.”

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Posted In: Polygon, Crypto

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