Privado ID has rebranded from Polygon ID and spun off from Polygon Labs to tackle the $101 billion digital identity market. It aims to build solutions compatible with any Ethereum Virtual Machine (EVM) chain, expanding beyond the Polygon network.
The ID provider uses decentralization and private interaction to lower costs, complexity, and counterparty risks. Privado ID’s framework fosters trusted relationships between companies, apps, and users, both online and offline.
It empowers individuals to control their data while benefiting from app interactions, ensuring proof-of-humanity and compliance. Notably, Privado ID has partnered with major finance firms on proof-of-concept projects for a compliant and interoperable identity framework.
These projects use verifiable credentials for permissioned financial transactions and other identity-based services. Integration with the Verax attestation registry on Consensys’ Linea zkEVM Chain addresses identity issues.
Co-founder Antoni Martin believes Privado ID’s privacy-centric technology will revolutionize interactions by lowering trust costs and reducing identity theft risks. This strategic move highlights the long-term importance of secure, user-controlled digital identities.
