Digital Identity Arm of Polygon Labs 'Polygon ID' Rebrands to Privado ID

CryptoNews.com

2024-06-13 02:00:22

Abstract generation in progress

Tanzeel Akhtar

Last updated:

June 13, 2024 06:00 EDT | 1 min read

Polygon ID, a digital identity firm working with on-chain and online data and a spin-off from Polygon Labs has rebranded to Privado ID.

The rebrand comes as the Privado ID team behind the Iden3 Protocol and PolygonID, makes moves to expand beyond the Polygon networks. Privado ID builds tools and infrastructure and was first launched in March 2022 as Polygon ID.

The Polygon Labs spin-off Privado ID uses cryptography and zero-knowledge proofs (ZKPs) to protect personal data and identity. Privado ID allows individuals to prove their age, qualifications, and other traits without revealing sensitive personal information.

Polygon Labs Founders Hold Advisory Role

Privado ID co-founders include David Schwartz as CEO, and Antoni Martin as COO. The two non-utive cofounders are Jordi Baylina, Polygon co-founder involved in the development of Polygon zkEVM. Baylina is the technical advisor, and Polygon Labs co-founder Sandeep Nailwal is the growth advisor of Privado ID.

Privado ID said it also supports W3C identity standards and can integrate with any EVM-compatible private or public blockchain. The firm said Privado ID’s tech stack will be capable of supporting non-EVM chains in the future.

“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,” said Antoni Martin, co-founder of Privado ID.

Proof-of-Concepts With Banks

Privado ID said it is also currently forming partnerships with on-chain and institutional firms. This includes proofs-of-concept with several multinational banking and financial service companies. It aims to establish the technical groundwork for interoperable and compliant identity frameworks, said the digital identity software firm.

Privacy preserving digital identity technology is in huge demand. Privado ID cites data from Javelin Strategy & Research, explaining that the cost of identity theft and fraud in the US alone reached losses of $43 billion in 2022.

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