The internet's trust layer is breaking. AI agents now act as humans online, and generative models can fake almost any document or face. The verification systems behind people, credentials, and applications were built for a pre-AI era. This month, we highlight three portfolio companies at different layers of the stack: - @Alchemy - @TransCrypts - @worldnetwork https://panteracapital.com/portfolio-spotlight-may-2026(Pantera Capital)