Trust Stamp’s MetaPresence™ Vault is coming soon: join the waitlist

Rhea-AI Summary

Trust Stamp (Nasdaq: IDAI) announces the launch of the MetaPresence™ Vault, a secure account credential and cryptographic key storage solution, designed to protect digital assets from unauthorized access. This service allows individuals to manage their private keys securely, using biometric authentication and irreversible data tokenization. Trust Stamp aims to cater to both consumers and financial institutions, responding to a rising need for secure decentralized financial services. CEO Gareth Genner emphasizes the relevance of this technology amid substantial crypto theft, highlighting a significant market opportunity.

Positive

• Launch of MetaPresence™ Vault enhances digital asset security.
• Utilizes advanced biometric authentication and irreversible data tokenization.
• Addresses a significant unmet need in digital asset protection following $3.2 billion in crypto theft in 2021.
• Plans to partner with financial institutions to broaden service delivery.

Negative

• None.

Now accepting sign-ups for the secure account credential and cryptographic key storage solution

Atlanta, GA, June 07, 2022 (GLOBE NEWSWIRE) -- Trust Stamp (Nasdaq: IDAI, Euronext Growth: AIID ID), an AI-powered trust and identity services company used globally across multiple sectors, announces that it is accepting sign-ups for the MetaPresence™ Vault waitlist. The innovative solution provides secure account credential and private key storage, ensuring personal wallets and digital asset keys are protected and accessible only to the user via their MetaSafe account, independent of platforms and service providers. Individuals can transact more freely across the metaverse with the enhanced utility of protected, interoperable access to their digital assets.

Trust Stamp’s secured biometric authentication technology leverages irreversible data tokenization to protect personal information, keys, and credentials from unauthorized access. Biometric and other data is converted into Trust Stamp's proprietary Irreversibly Transformed Identity Token (IT2^TM) and immediately discarded, powering enhanced assurance without the need to store or share sensitive personal information. The MetaPresence™ Vault provides an immutable, cryptographically verified history to assure long-term data protection and availability through its infrastructure on an Amazon Quantum Ledger Database.

Trust Stamp CEO Gareth Genner comments, “With over $3.2 billion in crypto stolen in 2021, and an estimated 20% of all Bitcoin permanently inaccessible due to lost credentials, protecting private keys is essential in the digital world. The MetaPresence™ Vault takes digital asset protection and management to the next level with interoperable utility within a larger cross-platform ecosystem to power a more unified decentralized landscape. We believe this technology addresses a significant unmet need in the financial sector as well as the growing consumer metaverse markets.  As a result, we are excited to take this important step towards a broader commercial rollout.”

In parallel to the direct-to-consumer model, Trust Stamp plans to deliver the secure vault service through financial institutions, including US-based and international banks, in response to growth in the adoption of decentralized financial 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.

Genner is speaking on challenges and opportunities in building the economy of the Metaverse at this year’s Money20/20 Europe. The panel session takes place at 10:00 am CEST on Wednesday, June 8, 2022, and the Company is exhibiting in the State of Georgia Pavilion from June 7 – June 9.

Enquiries

Trust Stamp                                                                          Email: Shareholders@truststamp.ai  

Gareth Genner, Chief Executive Officer                         

Nisha Naik, Executive VP of Communications

Davy (Euronext Growth Advisor)                                     Tel: +353 1 679 6363

Barry Murphy

Investor Relations                                                               Tel: +1 212-671-1021

Crescendo Communications                                              Email: idai@crescendo-ir.com

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 Nasdaq Capital Market (Nasdaq: IDAI) and Euronext Growth in Dublin (Euronext Growth: AIID ID). Founded in 2016 by Gareth Genner and Andrew Gowasack, the company now employs over 100 people.

Safe Harbor Statement: Caution Concerning Forward-Looking Remarks 

All statements in this release that are not based on historical fact are “forward-looking statements” including within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The information in this announcement may contain forward-looking statements and information related to, among other things, the company, its business plan and strategy, and its industry. These statements reflect management’s current views with respect to future events based on information currently available and are subject to risks and uncertainties that could cause the company’s actual results to differ materially from those contained in the forward-looking statements. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. The company does not undertake any obligation to revise or update these forward-looking statements to reflect events or circumstances after such date or to reflect the occurrence of unanticipated events. 

FAQ

What is Trust Stamp's MetaPresence™ Vault launched on June 7, 2022?

The MetaPresence™ Vault is a secure account credential and cryptographic key storage solution aimed at protecting digital assets.

How does the MetaPresence™ Vault enhance digital asset security?

It uses advanced biometric authentication and irreversible data tokenization to safeguard personal keys and credentials.

What market need does Trust Stamp's MetaPresence™ Vault address?

It addresses the critical need for secure management of digital assets, particularly in light of significant crypto theft.

When was the MetaPresence™ Vault announced by Trust Stamp?

The MetaPresence™ Vault was announced on June 7, 2022.

How does Trust Stamp plan to deliver the MetaPresence™ Vault service?

Trust Stamp plans to offer the service directly to consumers as well as through partnerships with financial institutions.