Trust Stamp Establishes Metapresence(TM) Subsidiary to Offer its Secure Crypto Key Vault Solution

Rhea-AI Summary

Trust Stamp (OTCQX:IDAI) has announced the creation of Metapresence Limited, a wholly owned crypto-asset subsidiary based in the Isle of Man, joining the Digital Isle of Man Accelerator Program. This initiative enables Trust Stamp to provide a Crypto Key Vault that utilizes advanced biometric authentication for securing cryptocurrency access. The vault service aims to address the growing demand for secure digital asset management, especially after the OCC's guidance for banks to offer custody services. Trust Stamp is also actively engaging in regulatory applications across various jurisdictions.

Positive

• Establishment of a wholly owned crypto-asset subsidiary, Metapresence Limited.
• Participation in the Digital Isle of Man Accelerator Program which provides regulatory support.
• Introduction of a Crypto Key Vault service leveraging biometric technology to secure digital assets.
• Addressing significant market demand for secure cryptocurrency and NFT access.
• Plans for registration and licensing in multiple jurisdictions, expanding market opportunities.

Negative

• Dependence on regulatory approval processes which may delay service rollout.
• Market competition may affect the adoption and success of the new service.

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.

Metapresence^TM 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 (IT2^TM) 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: Shareholders@truststamp.ai

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.

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FAQ

What is Trust Stamp's new subsidiary Metapresence Limited?

Metapresence Limited is a wholly owned crypto-asset subsidiary established by Trust Stamp to offer secure cryptocurrency access solutions.

How does Trust Stamp's Crypto Key Vault work?

The Crypto Key Vault uses Trust Stamp's facial biometric authentication technology to secure access, ensuring sensitive data is tokenized and protected.

What are the benefits of joining the Digital Isle of Man Accelerator Program?

The program offers regulatory acceleration support and access to a flexible licensing environment for digital asset businesses.

What is the significance of the OCC's guidance for Trust Stamp?

The OCC's guidance allows national banks to provide digital asset custody services, increasing demand for Trust Stamp's solutions.

Where does Trust Stamp plan to offer its vault services?

Trust Stamp plans to initially offer its vault services through both US-based and international financial institutions.