Digital identity startup Evernym sold to Avast, looking to bring trust to a decentralized internet
NFT3 raised $7.5 million led by Animoca Brands, signaling decentralized identity technology and NFTs as gateway to the Metaverse
Umazi, the due diligence platform automating enterprise identity verification, has secured over €880k from Innovate UK and other angel investors
Seattle-based Indicio secured $3.5 million from a fundraiser led by investment company Hard Yaka, to advance the adoption of its decentralized digital ID technology across industry verticals with steady focus on the finance, healthcare and travel sectors.
Open finance network Plaid acquired identity verification and compliance platform Cognito in a deal valued around $250 million.
Avast acquired second blockchain decentralized identity provider SecureKey
Fintech app Portabl raises $2.5M to help consumers securely store financial data
Market reports and trends
In November 2022, Forbes estimates that the digital identity market, as defined by 1414 Ventures, is comprised of 50 subsectors, and it has a valuation of $663.9 billion, up 8.5% from a valuation of $612 billion in 2021, and is projected to cross $1 trillion by 2024 according to our calculations.
Per a recent McKinsey report on technology trends, self-sovereign identity was called out as one of the most noteworthy technologies in digital identity and trust architecture.
Big Tech and Digital Identity
Microsoft has launched a new platform called Microsoft Entra, under which all of its identity-related services will now fall
Google Wallet prepared state ID & driver's license support with December 2022 Play System Update
JPMorgan is exploring the idea of a digital wallet that would allow users to control their digital identity and assets across platforms
Equifax, known for huge data breach, is building a Web3 KYC solution
Digital Identity Key Regulation
The European Council adopted its common position (‘general approach’) on the proposed legislation regarding the framework for a European digital identity (eID)
EU awarded Digital Wallet contract to Scytáles and Netcompany-Intrasoft consortium