Privado ID spins off from Polygon Labs to target $101B digital identity market Privado ID spins off from Polygon Labs to target $101B digital identity market
By expanding beyond the Polygon network, Privado ID seeks to address global digital identity challenges on EVM-compatible chains.
1 min read
Updated: Jun. 13, 2024 at 3:32 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Privado ID has rebranded from Polygon ID and spun off from Polygon Labs to focus on the mainstream digital identity market.
In a statement shared with CryptoSlate, Privado ID explained that the move aims to meet the global demand for online and on-chain digital identity solutions. It forecasted that the Digital identity solutions market will rise to $101.37 billion by 2030 from $30.81 billion in 2023.
It added that it plans to expand beyond the Polygon network by building solutions compatible with any Ethereum Virtual Machine (EVM) chain.
Privado ID
The ID solution provider leverages decentralization and private interaction to reduce costs, complexity, and counterparty risks. It stated:
“Privado ID’s privacy-centric, decentralized identity framework enables trusted relationships between companies, apps and users onchain, online and in real life.”
The solution enables individuals to control their data while using it to receive benefits or information directly from apps. This approach ensures users’ proof-of-humanity, compliance, sharing incentives, and overall interaction with the Web3 sector.
Additionally, Privado ID has partnered with several major finance-related firms on proof-of-concept (PoC) projects to create a compliant and interoperable identity framework. These PoCs utilize Privado ID’s verifiable credentials (VCs) for permissioned financial transactions, engaging only eligible participants in DeFi activities. The VCs can also be used for proof-of-personhood, qualifications, legal status, and other identity-based services.
The platform has also integrated with the Verax attestation registry on Consensys’ Linea zkEVM Chain to address identity-related issues.
Antoni Martin, Privado ID co-founder, said:
“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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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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