ATLANTA, GA / ACCESSWIRE / November 15, 2021 / Trust Stamp (OTCQX: IDAI, Euronext Growth: AIID ID), a global provider of AI-based trust and identity services used across multiple industries, today announced that it has initiated the establishment process Limited meta-presence as a wholly owned subsidiary of cryptoassets on the Isle of Man, and was admitted as a member of The Isle of Man digital Acceleration program.
The Digital Isle of Man Accelerator program provides access to a range of government services, including regulatory acceleration assistance and guided access to the regulatory sandbox, where flexible license terms allow digital asset companies to explore opportunities and adapt to changing technology.
MetapresenceMT will operate a cryptographic key vault that leverages Trust Stamp’s proven facial biometric authentication technology to establish and authorize access to the vault. Biometric and other data is converted into Trust Stamp’s exclusive irreversibly transformed identity token (IT2MT) and immediately discarded. The use of IT2, combined with on-device bank-level data encryption, in transit and at rest, eliminates the risk of sensitive biometric data, account credentials, or encryption keys. are exposed or compromised.
Although it is inconvenient to lose access information to a cryptocurrency account, losing the private key of a cryptocurrency wallet or non-fungible token (NFT) results in permanent loss. portfolio assets or the ability to prove ownership of the NFT. Estimates indicate that around 20% of all Bitcoins are orphaned due to the loss of credentials for cryptocurrency wallets, with a potential permanent loss of around $ 140 billion in assets.
To further enhance security and ensure long-term data protection and availability, data that is irreversibly symbolized by Trust Stamp’s advanced cryptographic processes is stored on an Amazon Quantum Ledger (QLDB) database, providing a transparent, immutable and cryptographically verified addition transaction. Newspaper.
John Bridge, Executive Vice President of Trust Stamp responsible for Cryptocurrency Services, comments: “We will seek registration and / or licensing in multiple jurisdictions, including the United States and the European Union. We selected the Isle of Man for our first application because the Isle of Man Financial Services Authority, in partnership with Digital Isle of Man, has published clear and substantive-focused posts. advice outlining its position regarding the applicability of financial regulatory requirements to crypto-assets and tokens issued using blockchain and other distributed ledger (DLT) technologies.“
An expert in digital currency and financial technology, Bridge is a founding member of the DC Blockchain Alliance and an active member of the North Carolina Blockchain Initiative. Previously, he spent 34 years in law enforcement, most notably as a Senior Inspector / Chief Financial Oversight Inspector with the United States Marshals Service.
Trust Stamp will initially offer the safe-deposit box service through financial institutions, including US-based and international banks, in response to increased business and consumer demand following an interpretive letter of the Office of the Comptroller of the Currency (OCC) on July 22, 2020, which highlighted the authority and need for national banks to provide digital asset custody services. In an increasingly digitalized global economy, banks can demonstrate a user-centric commitment to meeting the financial services needs of today’s customers 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 KYC / AML compliant real-time facial biometric verification and identity documents, based 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.
Trusted Stamp Email: [email protected]
Gareth Genner, President and CEO
Nisha Naik, Executive Vice President of Communications
About Trust Stamp
Trust stamp is a global provider of AI-powered identity services for use across multiple industries including banking and finance, regulatory compliance, government, real estate, communications, and humanitarian services. Its technology provides organizations with advanced biometric identity solutions that reduce fraud, protect personal data privacy, increase operational efficiency and reach a wider user base around the world through its unique transformational capabilities and data comparison.
Located in seven countries in North America, Europe, Asia and Africa, Trust Stamp trades on the cheapest OTCQX (OTCQX: IDAI) and Euronext Growth in Dublin (Euronext Growth: ID AIID). Founded in 2016 by Gareth Genner and Andrew Gowasack, the company today employs more than 90 people.
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