Truvity, the innovative startup on a mission to build instant trust and make it simpler for companies to work together, has announced the launch of its first product — a platform with SDK and API for developers of applications that want to harness the power of the SSI (Self Sovereign Identity) technologies. The company has exited stealth mode, announcing publicly for the first time its funding to date of €8m and is now rolling out early access for its technology.
“Know Your Business / Know Your Customer”
Truvity’s Self-Sovereign Identity toolkit allows you to securely and simply build your own digital identity ecosystem. Including the ability to do instant identification and verification based on the Self-Sovereign Identity principles that give companies and individuals full control over their data via their digital wallets and reusable verified credentials in them. These verifiable credentials can be standard credentials like your name, date of birth, address or more specific like educational diplomas or business directorships. Issued by for example organisations, institutions and through EU regulations like eIDAS 2.0. This identification infrastructure will ultimately replace traditional legacy databases and old systems containing thousands of customer identity documents strewn across organizations while giving companies and individuals a portable way to reuse their information, share it, and manage who has access. This is how instant trust is built.
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The Truvity platform is designed to make a wide range of industries more transparent, secure, and agile when integrated by addressing the most fundamental issue — ineffective identification methods and document storage. In traditional finance and DeFi, conventional identification underlying “Know Your Business / Know Your Customer” processes make them long and painful for customers and service providers. The Truvity platform will remove the time-consuming manual element increasing efficiency and reducing the burdensome costs of compliance. Fast and simple identity verification thanks to reusable information controlled by the user, can also benefit HR, insurance, education, travel, social services, and many other sectors.
With multiple digital identity initiatives worldwide, there is an acute need for technologies that enable fast and easy application development. Specifically, in the EU, the eIDAS 2.0 directive is set to come into effect by September 2023, catalyzing the creation of the Digital Wallet market and making this technology available to every EU citizen for free. Truvity’s SDK and API allows for the fast development of digital wallets, verifiable credential orchestration, and public key infrastructure. It also includes embedded widgets for form rendering, so you can change data requirements when needed without the tedious work. The overall platform functionality is flexible enough to be used for all types of SSI-based applications, even for complex B2B processes. With the goal of stripping away the complexity of developing self-sovereign identity applications so it can accelerate this paradigm shift in the archaic way we manage digital identity today.
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Truvity’s CEO and co-founder, Konstantin Mashukov, commented, “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, government, and citizens. Initial access will be free of charge for early adopters, and we are ready to provide all the necessary support. The demand for identity management is in every industry. Hence, the potential for its use is unlimited, and we want to encourage developers who can harness its power to start building on this new generation of technology.”
The project began in 2021 with a vision to bring positive change to the world, driving growth, progress, and efficiency through instant trust. Truvity, based in Amsterdam, Netherlands, with a remote-first team has emerged from an earlier technology business Project Plato with financial support totalling €8m provided by Artek Group PLC.
“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. 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. Artek’s unwavering commitment to Truvity’s success is evident, having provided approximately €8m to empower the team, facilitate the launch of operations, and introduce an exceptional product offering.” — Denis Nagy, Managing Director of Artek and Truvity’s co-founder.
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