On 23 February this year, the Linux Foundation Europe, an independent trusted supporter and vendor-neutral home for open source projects in Europe, announced the official formation of the OpenWallet Foundation (OWF) on February 23, 2023.
The Linux Foundation
The Linux Foundation encourages the development of open source and decentralized technology, aiding communities and developers in locating and contributing to projects that are important to them.
Joining the 850+ open source projects hosted by the Linux Foundation is the OpenWallet Foundation, which boasts a community of 777,000 developers. This collaboration brings together a variety of abilities to create a wallet core that is secure, protects user privacy, and is interoperable.
The OWF Mission
“The mission of the OpenWallet Foundation is to develop an open source engine to enable secure and interoperable multi-purpose wallets anyone can use to build solutions. The OpenWallet Foundation aims to set best practices for digital wallet technology through collaboration on open source code for use as a starting point for anyone who strives to build interoperable, secure and privacy-protecting wallets.” — OpenWallet Foundation Mission Statement
Since the digital revolution has taken the world by storm, introducing cryptocurrencies, digital assets, identity documents, credentials, and achievements in the form of tokens, a wide range of wallet use cases have become available, however there is still a need to build a secure infrastructure to promote and ensure interoperability between wallets.
Founding Members
IAMX, token-based SSI and authentication wallet technology provider joins the OWF as founding member
Amongst prominent founding members like Visa, American Express, IDnow, Swisscom and Deutsche Telekom, is IAMX AG, a token-based SSI and authentication wallet technology provider that was founded in 2021.
IAMX has developed a Decentralised Digital Identity wallet technology that is transportable, interoperable, and easily accessible, while also being GDPR-compliant, legally sound, and providing strong privacy protections. The company is well aligned with the OWFs mission of developing a standardised core for open source digital wallets and, as a founding member, is committed to supporting the growth of secure and interoperable digital wallet solutions.
“IAMX would like to get involved with the OpenWallet Foundation because there is an opportunity to realise the shift of identification power from centralised entities to the individual. The era of your identity serving as the product, controlled and capitalised by corporations is coming to an end. It is time for the people to take ownership of their identity. Digital ID wallets will be the individual gateway for people to participate in digital life. An open source solution is the best way to develop interoperable wallet solutions. IAMX is here to help shape this process and would like to contribute to this ecosystem,” — Tim Brückman, co-founder, IAMX AG.
Together with their strategic partner, KYC Spider, IAMX provides a fully regulatory-compliant KYC, KYB, and AML onboarding processes, worldwide.
KYC Spider is a leading provider of digital KYC solutions, servicing banks, financial institutions, and businesses worldwide. Through a single platform, KYC Spider enables easy access and KYC data sharing, having developed a secure, reliable, and highly customisable solution that can be integrated into existing systems. Together, IAMX and KYC Spider focus on optimising onboarding and compliance processes for individuals and institutions in the blockchain space. KYC Spider will support IAMX as a founding member of the OpenWallet Foundation, providing advice, knowledge, and expertise on KYC, KYB, AML, and compliance.
For more information, see the OpenWallet Foundation website, the Overview Deck, and a report on Why the World Needs an Open Source Digital Wallet Right Now, IAMX AG and KYC Spider AG.
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