Trinsic Divests SSI Assets to Dentity, Completing Pivot to Identity Acceptance
Strategic Move Sharpens Trinsic’s Focus on its Identity Acceptance Network, now Exceeding 95 Million Users, While Enabling Longtime Partner Dentity to Accelerate Adoption of Decentralized ID
SALT LAKE CITY, UT — DECEMBER 12, 2024
Trinsic today announced the sale of Trinsic Ecosystems–Trinsic’s decentralized identity platform launched in 2019–to long-time partner Dentity. This strategic move sharpens Trinsic’s focus on scaling the world’s first Identity Acceptance Network, a reusable ID gateway enabling seamless ID verification through mobile driver’s licenses, eID apps, and other identity wallets. The Acceptance Network has grown by 50% in the six months since launch to cover close to 100 million people. As the new owner of Trinsic Ecosystems, Dentity and its fast-growing consumer identity wallet will continue as a partner in Trinsic’s Acceptance Network.
“Dentity has been a valued partner and customer for three years. Thousands of developers have used Trinsic’s SSI platform, but none have matched Dentity’s success–making them the perfect steward of these assets.” said Riley Hughes, co-founder and CEO of Trinsic. “This transaction amplifies both companies’ strengths while advancing our shared goal of building a safer, more accessible world.”
“Trinsic’s platform returns ownership and control of personal data and digital identity back to individuals,” said Jeff Schwartz, founder and CEO of Dentity. “That’s why we built on Trinsic in the first place. And that’s why we’re acquiring the platform: to give consumers complete freedom over how to share, utilize, and profit from their data.”
Empowering the Decentralized Identity Ecosystem
Trinsic was founded in 2019 to simplify decentralized identity for developers. Starting with the first cloud-hosted self-sovereign identity platform, it culminated in Trinsic Ecosystems–a complete platform for governing, issuing, holding, and accepting trusted data. By 2024, however, Trinsic had gone all-in on acceptance, a strategic pivot outlined in a widely-read blog post from Trinsic’s CEO highlighting the impediments to decentralized identity’s adoption.
While many decentralized identity products have struggled, Dentity’s consumer-first approach has emerged as an exception. “Any success we’ve had stems from our relentless focus on solving problems for our users,” explains Dentity’s CEO. “Acquiring Trinsic’s world-class decentralized identity platform means we can scale even faster.” Dentity plans to continue innovating on the platform.
Focus on the Identity Acceptance Network
Trinsic’s Identity Acceptance Network is a gateway to the fragmented reusable ID ecosystem, including traditional providers like CLEAR and Airside (an Entrust company), government-issued digital IDs like mobile driver’s licenses and eIDs, and decentralized identity wallets like Dentity.
The Acceptance Network grows through both new partnerships and expansion of existing partners’ networks. This creates a feedback loop: each new Dentity user strengthens Trinsic’s network, and a larger network results in more places that accept Dentity’s wallet for 1-click verification.
Divesting Trinsic Ecosystems not only accelerates a key partner, but also unlocks the bandwidth required to significantly expand the Acceptance Network’s coverage in 2025 through new partnerships.
A Safe, Accessible Digital Future
Trinsic’s sale of Trinsic Ecosystems to Dentity accelerates a future without repetitive ID document uploads for verification, marking a significant step for the companies’ shared mission to build a safer, more accessible world.
Discover how your organization can benefit from the growth of reusable digital identity around the world by visiting www.trinsic.id/ to learn more about Trinsic’s Identity Acceptance Network and www.dentity.com/ to learn more about Dentity’s products.
Listen to Jeffrey Schwartz on the Future of Identity podcast as we discuss the acquisition, the future of decentralized identity, and more!
About Trinsic
Trinsic is the first identity acceptance network, facilitating 10x faster identity verification for 95 million consumers. Its product acts as a gateway into dozens of identity networks, mobile driver’s licenses, and eID apps. Companies use Trinsic to check for a digital ID before asking users to upload a physical ID document for verification. Since founding in 2019, Trinsic has raised $9.4 million from Georgian, Kickstart Seed Fund, Osage Venture Partners and notable angel investors from the identity space. Visit trinsic.id to learn more.
