Polygon Labs announced today that it is spinning off its blockchain-based digital identity solution, Polygon ID, into a new entity called Privado ID. This move is in response to the growing need for digital identity solutions that integrate both on-chain and online data.

Privado ID, based on the Iden3 Protocol and Polygon ID, is a protocol-agnostic framework designed to extend beyond the Polygon networks. Its technology leverages decentralization and private interactions to streamline processes and reduce costs, complexities, and risks associated with counterparties.

Antoni Martin, co-founder of Privado ID, stated that their identity infrastructure aims to empower individuals and lower the cost of trust across various industries. The technology focuses on privacy, user control, and interoperability, which Martin believes will transform interactions in connected spaces by lowering the risks of identity theft, fraud, and misinformation. The commitment to being protocol-agnostic is seen as vital for blockchain interoperability and enhancing user experience, both crucial for the success of Web3.

Privado ID allows users to manage their data and directly benefit from applications, simplifying verification, incentive distribution, and interaction with tokenized assets.

The executive team at Privado ID includes David Schwartz as CEO and Antoni Martin as COO, with Jordi Baylina and Sandeep Nailwal serving as technical and growth advisors.

Privado ID is already working with the Verax attestation registry on the Linea zkEVM Chain to develop a cross-chain identity system. This partnership aims to address issues like Sybil resistance, which prevents fake identity creation.

Additionally, Privado ID is forming strategic partnerships with on-chain entities and institutional organizations. It is conducting proof-of-concepts with several multinational banks and financial services to establish interoperable and compliant identity frameworks.

Digital identity solutions like Privado ID can also serve as credentials for controlling access to permissioned financial transactions, potentially increasing blockchain usage within corporations.