Privado ID: Enhancing Digital Identity Solutions

Today, Polygon Labs announced the rebranding of its blockchain-based digital identity solution, Polygon ID, to Privado ID. This strategic move aims to address the rising demand for digital identity solutions that blend on-chain and online data effectively.

Privado ID, a framework independent of protocols, expands its reach beyond the Polygon networks by leveraging the Iden3 Protocol and Polygon ID's foundations. The solution's key focus is on simplifying processes, cutting costs, and managing risks linked to counterparties by leveraging decentralization and private interactions.

According to Antoni Martin, the co-founder of Privado ID, the identity infrastructure of Privado ID empowers individuals, reducing trust-related expenses across different sectors. The emphasis on privacy, user control, and interoperability is expected to transform how individuals, agents, and organizations connect in digital spaces, consequently reducing the risks of identity theft, fraud, and misinformation.

Privado ID allows users to directly manage their data, facilitating compliance verification, incentive distribution, and engagement with tokenized assets. The leadership team at Privado ID includes David Schwartz as CEO, Antoni Martin as COO, and technical and growth advisors Jordi Baylina and Sandeep Nailwal.

Through a collaboration with the Verax attestation registry on the Linea zkEVM Chain, Privado ID is developing a cross-chain identity system to tackle various challenges, including Sybil resistance against fake identities.

Privado ID is forging strategic partnerships with on-chain entities and institutional bodies. By conducting proof-of-concepts with multinational banks and financial services, Privado ID is establishing a foundation for interoperable and compliant identity frameworks.

Digital identity solutions, such as Privado ID, can serve as credentials to regulate access to authorized financial transactions, potentially driving greater blockchain adoption within corporate environments.