Privado ID is partnering with established institutions and collaborating with multinational banks and financial service companies to develop interoperable and compliant identity frameworks.
By Bena Ilyas
Edited by Julia Sakovich
Updated
2 mins read
In a bold move to fight identity theft, Privado ID steps forward as the latest project from Polygon Labs. This new project is developed by the same team behind Iden3 Protocol and PolygonID and aims to be a global solution for digital identity and reputation.
Privado ID puts users in charge of their own data. With a protocol-agnostic design, it allows people to verify credentials like age and qualifications without sharing sensitive details. This is achieved using cryptography and zero-knowledge proofs, addressing the need for privacy in the Web3 era.
Technically, Privado ID is very capable. It follows W3C identity standards and can integrate with any EVM-compatible blockchain. The team also plans to support non-EVM blockchains in the future, ensuring wide compatibility.
Privado ID is powered by a team with deep blockchain expertise. Polygon co-founders David Schwartz and Antoni Martin lead the charge as CEO and COO, respectively. Jordi Baylina, who played a major role in creating Polygon zkEVM, provides technical advice. Sandeep Nailwal, another co-founder of Polygon Labs, supports the team as a growth advisor, showing their dedication to expanding Privado ID’s impact.
“We envision Privado ID’s technology – with its emphasis on privacy, user control, and interoperability – revolutionizing how individuals, agents, and organizations find each other and interact in connected spaces,” stated Antoni Martin in a recent press release.
Martin further emphasized Privado ID’s commitment to protocol agnosticism, aligning with the vision of unified data for seamless blockchain interoperability and enhanced user experience – both crucial for Web3’s success.
Privado ID is partnering with established institutions and collaborating with multinational banks and financial service companies to develop interoperable and compliant identity frameworks. These frameworks will ensure that only eligible participants can use specific DeFi protocols with verifiable credentials.
In addition to these partnerships, Privado ID has integrated with the Verax attention registry on Consensys’ Linea zkEVM chain. This integration improves cross-chain identity verification, combats fake identities, and helps applications quickly establish user trust using verified data.
Privado ID has also joined Avail, a modular blockchain project from Polygon Labs that launched in March 2023. Avail recently raised $43 million in a Series A funding round co-led by Peter Thiel’s Founders Fund, showing the growing interest in digital solutions.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
With over 3 years of crypto writing experience, Bena strives to make crypto, blockchain, Web3, and fintech accessible to all. Beyond cryptocurrencies, Bena also enjoys reading books in her spare time.
