cheqd and Dock have announced a partnership aimed at accelerating the adoption of decentralized identity solutions and merging their client bases. The companies will remain independent but will merge their $DOCK and $CHEQ tokens to foster global digital identity growth.
Partnership Details
Dock and cheqd have announced an alliance to accelerate the adoption of Decentralised Identity (DID) solutions, which includes migrating Dock Certs and its client base to the cheqd network. The partnership will unite over 100,000 community members and hundreds of active partners into a powerful network for both traditional and Web3 industries. The primary aim is to integrate Dock's network with cheqd's network, as well as convert $DOCK tokens into $CHEQ to create a single asset.
About cheqd and Dock
Dock specializes in providing solutions for Identity Solutions Providers, such as KYC, background checks, and biometrics. The company helps these providers create ID ecosystems where their partners can create, share, and monetize verifiable digital credentials. cheqd develops commercial and trust infrastructure, enabling organizations to build end-to-end credential ecosystems and trusted data markets. The founders of both companies have extensive experience in digital identity and blockchain technologies.
Impact on Identity Solutions Market
Over the next five years, the decentralized identity market is expected to see a CAGR of over 90%, transforming it into a multi-billion dollar industry. The introduction of new regulatory norms such as eIDAS creates opportunities for decentralized solutions that can meet the needs of regulators and enterprises alike. The joint network developed by cheqd and Dock will support a vast number of Decentralised Identifiers (DIDs) and include integration with various SDKs and open-source tools.
The partnership between cheqd and Dock aims to ensure compliance with the latest regulatory requirements and expand capabilities for both companies' clients. Their combined efforts will create a robust ecosystem for identity management using DID technologies and help accelerate the adoption of digital credentials worldwide.
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