Demand for a Decentralized Approach to Digital Identity Drives Liquid Avatar Technologies Investment

TORONTO, ON / ACCESSWIRE / June 24, 2021 / Liquid Avatar Technologies Inc. (CSE:LQID)(OTCQB:LQAVF)(FRA:4T51) ("Liquid Avatar Technologies" or the "Company"), a global blockchain, digital identity, and fintech solutions company today announced a strategic investment of US$100,000 in Indicio.tech, ("Indicio") a Delaware (USA) registered public benefit corporation ("Indicio"), specializing of the development and hosting services for decentralized identity.

Foto: Accesswire

The investment builds on Liquid Avatar Technologies' existing support for Indicio through its role as a Node Operator on the Indicio Network (a global, blockchain-based distributed ledger for digital identity), and as a founding Steering Committee Member for Cardea (a Linux Foundation Public Health ecosystem for sharing health. Liquid Avatar Technologies will hold less than 5% of the equity in Indicio (on a fully diluted basis) following the investment. With Liquid Avatar Technologies' investment, Indicio has raised and closed a total of US$1.25 million in its financing. The investment signals a unified commitment to growing the Indicio Network and the community that supports and uses verifiable digital credentials.

The two companies are currently collaborating on developing the Liquid Avatar Verifiable Credentials Ecosystem ("LAVCE"), which the Company intends to integrate into the Liquid Avatar Mobile App platform, which will empower users to manage, control, and benefit from their digital identity and online data.

Within LAVCE, Liquid Avatar Technologies and Indicio are completing the development of solutions for the electronic issuance and verification of COVID-19 test results to various parties and enterprises that need to validate such results, using recognized, government licensed and authorized lab facilities in Canada, and with the potential to support further jurisdictions with privacy-preserving verifiable digital credentials. This platform will enable people to share their test results in a way that can confirm their authenticity and integrity without an individual having to share excessive personal data.

"Our investment in Indicio.tech is a strategic decision to support a leader in the decentralized identity community build interoperable, privacy-preserving identity ecosystems," said David Lucatch, CEO. "The digital identity market is changing as companies of all sizes are now seeing decentralized solutions work in the real world. With our investment in, and as part of the Indicio Network, we're working to drive community adoption and ecosystem expansion by making it quick and easy to use verifiable credentials to handle test data in a way that earns people's trust, keeps them safe, and helps open up society."