Verimi was launched in 2018 as a joint venture of several German corporations and was one of the first providers of a digital identity wallet in Germany. Users could store their identity card digitally there and use it to identify themselves online with banks, insurance companies, or mobility providers. Over the years, the company expanded its offering to include identification procedures, digital signatures, and identity solutions for business customers. Verimi justifies the cessation of business operations, among other things, with the revised eIDAS regulation, which introduces the European EUDI Wallet. Verimi also cites new regulatory requirements such as the European Anti-Money Laundering Regulation (AMLR) as a further reason. Against this background, the shareholders have re-evaluated the company's prospects of success in the digital identity market.