Amsterdam-based Truvity, a Self-Sovereign Identity (SSI) platform, announced on Wednesday that it has exited stealth and launched its first product — a platform with SDK and API that will facilitate the development of applications that utilise SSI (Self-Sovereign Identity) technologies.
The company also disclosed that it secured €8M in funding from Artek Group PLC. It is now rolling out early access to its technology.
Truvity’s CEO and co-founder, Konstantin Mashukov, says, “We encourage ambitious innovators, pioneering companies, curious researchers, and SSI enthusiasts to try our platform.”
“Start building applications with Instant Trust under the hood powered by SSI technologies, bringing advantages for businesses, governments, and citizens. Initial access will be free for early adopters, and we are ready to provide all the necessary support,” adds Mashukov.
Truvity: Offer SSI toolkit to build digital identity
Founded by Konstantin Mashukov and Denis Nagy, Truvity’s Self-Sovereign Identity toolkit allows users to build their digital identity ecosystem.
This toolkit includes features such as instant identification and verification, operating on Self-Sovereign Identity principles.
With this approach, individuals and companies gain complete control over their data through their digital wallets, which house reusable verified credentials.
These verifiable credentials can be standard credentials like name, date of birth, and address, or specifics like educational diplomas or business directorships.
They are issued by various organisations, and institutions, and comply with regulations like eIDAS 2.0 in the EU.
This identification infrastructure will eventually replace traditional legacy databases and outdated systems that store countless customer identity documents scattered across different organisations.
Moreover, it offers companies and individuals a portable means to reuse their information, share it securely, and manage access privileges.
Truvity says its platform is designed to make industries more transparent, secure, and agile.
By tackling the fundamental challenge of ineffective identification methods and document storage, Truvity addresses a crucial issue.
Traditional finance and decentralised finance (DeFi) sectors often struggle with lengthy and cumbersome processes, such as “Know Your Business/Know Your Customer” procedures.
Truvity’s platform aims to streamline these processes by eliminating time-consuming manual elements, boosting efficiency, and reducing compliance burdens.
Through the use of reusable user-controlled information, fast and straightforward identity verification can be achieved.
This approach offers significant benefits not only to finance and DeFi but also to sectors such as HR, insurance, education, travel, social services, and many others.
Truvity’s SDK and API will allow for fast digital wallet development, verifiable credential orchestration, and public key infrastructure.
The toolkit also includes embedded widgets for form rendering so that data requirements can be changed when needed.
The overall platform functionality is flexible enough for all types of SSI-based applications, even complex B2B processes.
Truvity is a remote-first team that emerged from Project Plato.
The investor
Artek Group is a business incubation platform and services provider that supports fast-growing and forward-thinking companies across sectors and geographies.
The company invests in innovative early-stage startups and established firms in financial services, financial and regulatory technology, SSI, and other industries.
Denis Nagy, Managing Director of Artek and Truvity’s co-founder, says, “In recent years, Artek and its affiliated companies have been instrumental in fostering and financing a wide range of groundbreaking initiatives in fintech, regtech, and the digital identity technology sector.”
He continues, “Leveraging extensive research and development efforts in these domains, Truvity has emerged as a cutting-edge SSI-focused API platform, which remains unparalleled in today’s newly emerging SSI market.”
Read the orginal article: https://siliconcanals.com/news/startups/amsterdams-truvity-exits-stealth-mode/
