European Blockchain Sandbox Selects Web3 Companies for Third Cohort, Including Privado ID

The European Blockchain Sandbox has announced the third cohort of its dialogues, including a number of Web3, tokenization, decentralization, RWAs, and other blockchain-related projects.

According to the announcement, the selection team was led by blockchain experts from strategy consultancy Warren Brandeis.

In total, the initiative has chosen twenty participants. These include Privado ID and Privately, a digital, privacy-preserving age verification and online child safety solution with their Blockchain Age Estimation.

Privado ID, formerly known as PolygonID, allows individuals to prove their age, qualifications, and other data without revealing sensitive personal information. They use cryptography and zero-knowledge proofs (ZKPs) to protect this sensitive data. Therefore, the product is also a competitor to World ID. World Network is the digital identity and cryptocurrency project founded by OpenAI CEO Sam Altman.

Privado ID and Privately’s collaboration focuses on age verification through self-sovereign identity (SSI). Per the European Blockchain Sandbox, this is “a critical challenge in 2025 and beyond.” Using ZKPs and verifiable credentials (VCs), the partners eliminate the growing risks associated with sharing personal data.

Another chosen project is digital assets infrastructure company Parfin, which has developed the privacy-focused Rayls blockchain. Also, it enables financial institutions, including central banks, to issue digital currencies and assets, tokenize real-world assets (RWAs), and conduct cross-border transactions.

Additionally, the list includes digital inheritance platform CHARONIUM, Web3 tokenization infrastructure Blocksquare, Web3/4 financial compliance infrastructure platform PixelPai, decentralized and tokenized knowledge graph protocol Tree, and EMERALD blockchain-based trustworthiness system TECNALIA.

There is also Frictionless Markets that merges TradFi systems with advanced on-chain technology, as well as 31Third, which offers a blockchain-native infrastructure that streamlines institutional asset management.

Another participant is a Chromaway-incubated collaboration. Traced Systems, Instagrid, Batteriretur, and Cling Systems have created a blockchain-powered Digital Product Passport (DPP) for end-of-life battery management.

Blockchain Sandbox ‘Enhancing Knowledge of Cutting-Edge Tech’

“The selected use cases span all EU/EEA regions and represent a wide range of industry sectors and regulatory topics,” the announcement says. The full list of participants is available on the website.

The European Blockchain Regulatory Sandbox for innovative use cases involving Distributed Ledger Technologies (DLT) is an initiative of the European Commission. It was announced in February 2023.

Per the initiative’s website, the project’s goal is to provide a framework for regulators, supervising authorities, and blockchain innovators. This framework is meant to help them engage in a regulatory dialogue, as well as identify obstacles from a legal and regulatory perspective.

Subsequently, this will “increase legal certainty for innovative decentralized technology solutions, including blockchain,” it says. “The sandbox will allow regulators and supervisors to enhance their knowledge of cutting-edge blockchain technologies.”

The sandbox held two discussions over the past two years. It selected various projects, regulators, authorities, and financial entities across the Union for its cohorts, aiming to refine regional regulatory strategies.

Meanwhile, speaking of European sandboxes, in April 2024, the United Kingdom launched a digital securities sandbox consultation for DLT testing.

More precisely, the Bank of England (BoE) and the UK’s Financial Conduct Authority (FCA) held a consultation process last year related to draft guidance for the Digital Securities Sandbox (DSS) for DLT testing.

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