Privado ID, formerly known as Polygon ID and now operating independently from Polygon Labs, has rebranded to focus on expanding into the mainstream digital identity market. According to a statement shared with CryptoSlate, Privado ID aims to meet growing global demand for online and on-chain digital identity solutions. It predicts that the digital identity solutions market, which was valued at $30.81 billion in 2023, will reach $101.37 billion by 2030.

Privado ID plans to extend its reach beyond the Polygon network by developing solutions compatible with any Ethereum Virtual Machine (EVM) chain.

The identity solution provider emphasizes decentralization and private interactions to reduce costs, complexity, and counterparty risks. Privado ID's privacy-centric, decentralized identity framework facilitates trusted relationships between companies, applications, and users both on-chain and online.

The platform allows individuals to maintain control over their data while leveraging it to access benefits or information directly from applications. This approach supports users in proving their humanity, complying with regulations, sharing incentives, and engaging with the Web3 sector.

Additionally, Privado ID has collaborated with several major finance-related firms on proof-of-concept (PoC) projects aimed at establishing a compliant and interoperable identity framework. These projects utilize Privado ID’s verifiable credentials (VCs) for permissioned financial transactions, ensuring that only eligible participants can engage in decentralized finance (DeFi) activities. VCs also serve purposes such as proof of personhood, qualifications, legal status, and other identity-related services.

The platform has integrated with the Verax attestation registry on Consensys’ Linea zkEVM Chain to address identity-related challenges.

Antoni Martin, co-founder of Privado ID, expressed confidence in the platform’s technology, highlighting its focus on privacy, user control, and interoperability. He believes Privado ID will revolutionize how individuals, agents, and organizations connect and interact in interconnected spaces, reducing trust costs and mitigating risks associated with identity theft, fraud, and misinformation.