OutDID offers a private ID verification solution, reducing data liabilities on the part of online applications and services while offering their customers peace of mind that their private information is secure.
Dusk Network claims this is the largest investment to date, and it will assist OutDID in accelerating the development of the technology.
What does OutDID’s technology offer?
Founded in 2022 by Ana-Maria Pricop and Zvezdin Besarabov, OutDID is an end-to-end private identity verification system. It solves the issue of doing privacy-invasive identification and KYC checks, where the business does not require users’ full information.
In contrast, the traditional method of identity verification requires the user to provide their ID data to a third party for verification.
According to OutDID, its technology saves company costs and data liabilities while protecting the user from the danger of identity fraud or overidentification.
The startup uses NFC and Zero-Knowledge Proof technology to authenticate passport IDs without disclosing any personal information. This helps to reduce identity fraud because this information is not securely maintained and is easily accessible through data intrusions.
How will this investment help Dusk Network?
Dusk Network is a financial network that brings together the composability of DeFi, the instant clearance and settlement of DLTs, and the privacy of FinTech. By making institutional-level financial assets directly accessible, Dusk opens up the economic potential for everyone.
The company claims that involvement in the identification solution is a strategic step.
Citadel, Dusk Network’s own private KYC solution, was recently launched, and they would benefit from incorporating OutDID’s technology into their own software stack.
Citadel is an integral part of the Dusk’s self-sovereign identification (SSI) protocol. The company calls SSI to those systems that enable users to manage their identities and personal information in a completely transparent way.
This includes knowing at all times what information about them is being shared and having the option to accept or decline any request for personal information.
Founder of Dusk, Emanuele Francioni says, “When we announced Citadel, it sparked great interest both within our company and also from the industry.”
“One of the problems many self-sovereign identity companies face is the complexity of the technology to only provide essential information. With our stake in OutDID, we combine two game-changing technologies that would solve compliance issues for entire industries,” Francioni adds.
Zvezdin Besarabov says, “Receiving an investment was the natural way to form this partnership, align interest, and get mentorship access to Emanuele Francioni and their world-class team of ZK & privacy researchers – technologies OutDID uses. Citadel is the first avenue to explore collaboration, to aid fully private KYC checks.”