KCN: Coinbase to pursue decentralized form of identification

Cryptocurrency exchange and wallet service Coinbase has acquired San Francisco-based startup Distributed Systems Inc., which works on decentralized identity solutions, according to an August 15 announcement. Distributed Systems will help the exchange work on new ways to validate and verify identity within its plans to develop an open financial system. Coinbase will work toward a decentralized identity that will let you prove that you own an identity, or that you have a relationship with the Social Security Administration, without making a copy of that identity. According to TechCrunch, Distributed Systems was incorporated in 2015 with a focus on developing an identity standard for dApps called the Clear Protocol. Last year, the startup reportedly raised a $1.7 million seed round led by venture capital fund Floodgate.

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