ATLANTA, GA / ACCESSWIRE / November 15, 2021 / Trust Stamp (OTCQX:IDAI, Euronext Growth: AIID ID), a global provider of AI-powered trust and identity services used across multiple sectors, today announced that is has initiated the process to establish Metapresence Limited as a wholly owned crypto-asset subsidiary in the Isle of Man, and has been admitted as a Member to The Digital Isle of Man Accelerator Program.
The Digital Isle of Man Accelerator Program provides access to a range of government services including regulatory acceleration support and guided access into the regulatory sandbox, where flexible licensing conditions enable digital asset businesses to explore opportunities and adapt as the technology evolves.
MetapresenceTM will operate a Crypto Key Vault which leverages Trust Stamp's proven facial biometric authentication technology to establish and grant access to the vault. Biometric and other data is converted into Trust Stamp's proprietary Irreversibly Transformed Identity Token (IT2TM) and immediately discarded. The use of the IT2, combined with bank-level data encryption on-device, in transit, and at rest, removes the risk for sensitive biometric data, account credentials, or encryption keys to be exposed or compromised.
While misplacing access credentials for a cryptocurrency account is inconvenient, losing the private key for a cryptocurrency wallet or a non-fungible token (NFT) leads to permanent loss of the wallet's assets or the ability to prove ownership of the NFT. Estimates indicate that around 20% of all Bitcoin is orphaned as a result of losing access credentials for cryptocurrency wallets, with a potential permanent loss of around $140 billion in assets.
To further strengthen security and assure long-term data protection and availability, data that is irreversibly tokenized by Trust Stamp's advanced cryptographic processes is stored on an Amazon Quantum Ledger Database (QLDB), providing a transparent, immutable, and cryptographically verified append-only transaction log.
John Bridge, Trust Stamp's Executive Vice President responsible for cryptocurrency-related services comments: "We will be seeking registration and /or licensing in multiple jurisdictions, including the United States and the European Union. We have selected the Isle of Man for our first application as the Isle of Man Financial Services Authority, in partnership with Digital Isle of Man, has published clear and substance-focused guidance setting out its position regarding the applicability of financial regulatory requirements to crypto-assets and tokens issued using blockchain and other Distributed Ledger Technology (DLT)."
An expert in digital currency and financial technology, Bridge is a charter member of the DC Blockchain Alliance and an active member of the North Carolina Blockchain Initiative. He previously spent 34 years in law enforcement which included serving as Senior Inspector/Chief Inspector of Financial Surveillance with United States Marshals Service.
Trust Stamp will initially offer the vault service through financial institutions, including US-based and international banks, in response to increased business and consumer demand following an Office of the Comptroller of the Currency (OCC) Interpretive Letter on 22 July 2020, which highlighted the authority and need for national banks to provide digital asset custody services. In the increasingly digitized global economy, banks can demonstrate a user-centric commitment to meeting the financial service needs of customers today with a solution that protects the security and longevity of access credentials and encryption keys, even in the absence of cryptocurrency exchange and/or custody services.
Trust Stamp currently supports leading Bitcoin ATMs around the world with real-time KYC/AML-compliant facial biometric and ID document verification built on their core privacy-positive data protection technology. Highlighting active leadership in the crypto space, Trust Stamp joined 15 key players in the blockchain industry to form the Cryptocurrency Compliance Cooperative (CCC) earlier this year.
Enquiries
Trust Stamp Email: [email protected]
Gareth Genner, Chief Executive Officer
Nisha Naik, Executive VP of Communications
About Trust Stamp
Trust Stamp is a global provider of AI-powered identity services for use in multiple sectors including banking and finance, regulatory compliance, government, real estate, communications, and humanitarian services. Its technology empowers organizations with advanced biometric identity solutions that reduce fraud, protect personal data privacy, increase operational efficiency, and reach a broader base of users worldwide through its unique data transformation and comparison capabilities.
Located in seven countries across North America, Europe, Asia, and Africa, Trust Stamp trades on the OTCQX Best Market (OTCQX: IDAI) and Euronext Growth in Dublin (Euronext Growth: AIID ID). Founded in 2016 by Gareth Genner and Andrew Gowasack, the company now employs over 90 people.
SOURCE: T Stamp Inc.