Originally published by MarTech Series on February 14, 2023
Dentity, the secure digital credentials and ID verification platform providing safe, trusted interactions for consumers, announced that it has closed a seed round led by Blockchange Ventures and AARP. In an era that has seen a record number of scams, frauds and identity thefts against consumers, Dentity is a leading identity verification platform where consumers can safely store the most important parts of both their private lives and public personas — from government IDs and memberships to professional accomplishments and brand loyalties — securely in one digital wallet.
“Verifiable credentials are the modern standard in personal digital identification, and we’re thrilled to be leading this movement by enabling millions of consumers to have a more secure, verified digital identity. Dentity prioritizes providing consumers with complete control – allowing them to own their identity and identifiable information and share it – or not – with the people, companies and organizations they interact with online. This capital infusion will further support our efforts to bring the most advanced, modern, comprehensive standard for privacy and security to consumers – for free,” said Jeffrey Schwartz, Founder and CEO of Dentity.
Since launching in 2021, Dentity has taken the anxiety and guesswork out of peer-to-peer interactions by giving users full control over how they share their information with the people, companies and brands they meet online. At a time when social media, marketplaces, and dating sites are swarming with fake accounts and anonymous profiles, Dentity enables users to know exactly who they’re dealing with and feel safe transacting and interacting online.
“We got to know Dentity during their participation in the AARP Innovation Labs’ Accelerator Program and share their vision of making the internet a safer place for people of all ages and backgrounds. Online marketplaces, social media, and sharing economy apps are increasingly targeted by fraudsters, and the fallout can be financial, psychological, and sometimes physical. Dentity is easy to navigate and helps fight scammers that specifically target the aging,” said Andy Miller, SVP of Innovation and Product Marketing, AARP.
Dentity leverages powerful web3 technology, including the blockchain, to ensure consumers’ privacy when verifying and storing their identity information. Use of web3 privacy technology enables consumers to reclaim control of their digital information at a time when millions of identities are for sale on the internet and, according to the FTC, identity theft and imposter scams have reached an all-time high, with the number of reported cases more than doubling in recent years.
“It’s rare to find a company that is already leveraging all of the advancements of the blockchain to deliver tangible solutions to widespread, real world problems. Consumers don’t have to understand blockchain technology to benefit from its advanced encryption and data-keeping capabilities. We’ve been impressed by Dentity’s ability to seamlessly, with efficiency, offer all the security and encryption benefits of the blockchain without impeding the experience of consumers and the organizations that serve them,” said Ken Seiff, Managing Partner, Blockchange Ventures.
The Dentity web-app is free to consumers and currently features identity verification for a number of use cases, including bank-level KYC, social account verification, financial account verification, and professional credential verifications.