Key Takeaways
- Dentity secures a seed round led by AARP and Blockchange Ventures to bring Advanced Identity Verification solution to consumers.
- The platform allows consumers to store important parts of their private lives and public personas in one digital wallet, providing safe and trusted interactions.
- Dentity leverages powerful web3 technology, including blockchain, to ensure privacy and security of consumers’ identity information.
- The Dentity web-app is free to consumers and offers identity verification for various use cases such as bank-level KYC, social account verification, financial account verification, and professional credential verifications.
- The latest capital infusion will further support Dentity’s mission to bring the most advanced standard for privacy and security to consumers.
As the digital economy continues to expand, verifiable credentials and secure digital identification have become increasingly important for consumers. With a growing number of scams, frauds, and identity thefts, it’s crucial to have a trusted platform that can provide a safe and secure way to store and share personal information. This is where Dentity, a new identity verification platform, comes into play. Dentity today announced that it has closed its seed round, led by Blockchange Ventures and AARP, which will further support its efforts to provide consumers with a modern and comprehensive standard for privacy and security in the digital world.
Dentity secures your private and public information
The funding news comes as the number of scams, frauds, and identity thefts against consumers have reached an all-time high. In response, Dentity provides a solution that prioritizes consumer control and security by allowing them to store their most important private and public information in a single digital wallet.
Launched in 2021, Dentity allows users to have complete control over their digital identity and the information they share online. With the increasing prevalence of fake accounts and anonymous profiles on social media, marketplaces, and dating sites, Dentity offers a way for users to know who they are interacting with online and feel safe transacting and exchanging information.
The company leverages web3 technology, including the blockchain, to ensure that consumers’ privacy is protected when verifying and storing their identity information. This technology allows consumers to take control of their digital information at a time when millions of identities are being sold on the internet and identity theft is becoming increasingly common.
AARP and Blockchange Ventures backs Dentity for its ability to offer the advanced encryption and data-keeping capabilities
AARP and Blockchange Ventures were impressed by Dentity’s ability to offer the advanced encryption and data-keeping capabilities of blockchain technology without impeding the experience for consumers and the organizations that serve them.
The Dentity web-app is currently free for consumers and offers identity verification for a range of use cases, including bank-level KYC, social account verification, financial account verification, and professional credential verification.
According to Jeffrey Schwartz, Founder and CEO of Dentity, this seed funding will support their efforts to bring the most advanced, modern, and comprehensive standard for privacy and security to consumers. The company is committed to making the internet a safer place for all ages and backgrounds by removing the anxiety and guesswork from peer-to-peer interactions.
The Dentity team aims to empower consumers by giving them control over their identity and the information they share online. By doing so, they hope to make the internet a more secure place and help fight against scammers and fraudsters who target individuals and organizations.
With the backing of Blockchange Ventures and AARP, Dentity is well-positioned to continue advancing its mission to bring secure and trusted digital identities to consumers everywhere.
Digital Identification is a booming market
According to the 2021 Identity Fraud Study by Javelin Strategy & Research, about 49 million American consumers became victim of identity fraud in 2021 which costed a total of about $56 billion. Another study by verification platform provider Sumsub revealed that identity fraud in crypto and banking doubled in 2022.
It’s a huge problem. And, that’s the reason, the global market for digital identification and verifiable credentials is rapidly growing and expected to reach over $70 billion by 2027. With the increasing number of online transactions and the need for secure, trusted interactions, the demand for secure digital identity solutions is on the rise.
There are a number of players in this space, including big tech giants like Google and Facebook, as well as startups like Dentity.
Some companies are focused on providing secure digital storage solutions for personal identification information, while others offer biometric verification solutions. In addition, there are several companies working on blockchain-based solutions that leverage the power of decentralized technology to provide secure and private digital identity solutions.
Regardless of the approach, the common goal of these companies is to provide consumers with a secure and trusted way to verify their identity online, and to protect their personal information from theft or fraud. As the need for secure digital identification solutions continues to grow, it is likely that more players will enter this market and compete for a share of this growing industry.
The need for secure and reliable digital identification and verification solutions has never been greater, with the rise of online interactions and transactions. Dentity’s innovative platform, utilizing web3 technology, provides consumers with the control and privacy they need in today’s digital landscape. As the market for verifiable credentials and digital identification continues to grow, Dentity is poised to be a key player in the industry, leading the charge towards a safer and more secure online world.
Read Also: Web3 Identity Platform Nametag Raises $2M In Seed Financing Co-led By OKX Ventures, GSRV