Trust Stamp to Provide Secure Crypto Key Vault Solution for Financial Institutions

Rhea-AI Summary

Trust Stamp (OTCQX: IDAI) has announced the launch of a secure account-credential and private key storage vault for financial institutions servicing cryptocurrency and digital assets. This solution uses advanced biometric authentication technology and Trust Stamp's Irreversibly Transformed Identity Token (IT2) for enhanced security, storing tokenized data on Amazon QLDB. With around $1 trillion in cryptocurrency at risk of loss, this service aims to provide superior protection for investors. Trust Stamp's vault will address growing demand for secure digital asset services while complying with regulations.

Positive

• Launch of a secure vault service for cryptocurrency and digital asset transactions targeted at financial institutions.
• Utilization of advanced biometric authentication and Irreversibly Transformed Identity Token (IT2) to enhance security.
• Data stored on Amazon QLDB ensures transparency and immutability, improving trust in the system.

Negative

• None.

ATLANTA, Oct. 7, 2021 /PRNewswire/ -- Trust Stamp (OTCQX: IDAI, Euronext Growth: AIID ID), a global provider of AI-powered trust and identity services used across multiple sectors, today announces that they are adding secure account-credential and private key storage vault functionality to their suite of solutions targeted at financial institutions delivering cryptocurrency and digital asset services.

The solution 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 system does not require identity verification and no identifiable personal information is ever stored or shared, preventing the potential for sensitive biometric data, account credentials, or encryption keys to be exposed or compromised.

While misplacing access credentials for a cryptocurrency account is inconvenient and can restrict access to assets, losing the private key for a cryptocurrency wallet or a non-fungible token (NFT) leads to permanent loss of the cryptocurrency in the wallet or the ability to prove and exercise ownership of the NFT. 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 verifiable append-only transaction log.

John Bridge, Trust Stamp's Executive Vice President responsible for cryptocurrency-related services, comments: "With around US $1 trillion in cryptocurrency and NFT assets in circulation today, billions of dollars are believed to be permanently inaccessible due to loss of account credentials. With cryptocurrency becoming mainstreamed and recognized as an important asset class in diversified portfolios, Trust Stamp is working to deliver parallel or superior protection and convenience for cryptocurrency and NFT investors to that offered by legacy financial institutions."

As an expert in digital currency and financial technology, Bridge spent 34 years in law enforcement which included serving as Senior Inspector/Chief Inspector of Financial Surveillance with United States Marshals Service. He is a charter member of the DC Blockchain Alliance and an active member of the North Carolina Blockchain Initiative.

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 July 22, 2020, which highlighted the authority and need for national banks to provide digital asset custody services. In the increasingly digitized global economy, providing a safekeeping service for access credentials and encryption keys is valuable to meeting the financial service needs of customers today, even where a bank does not directly offer cryptocurrency exchange and/or custody services.

Trust Stamp currently provides real-time KYC/AML-compliant facial biometric and ID document verification built on their privacy-positive data protection technology for leading Bitcoin ATMs around the world. Highlighting their commitment to the crypto space, Trust Stamp joined 15 blockchain industry leaders to form the Cryptocurrency Compliance Cooperative (CCC) earlier this year.

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 80 people in seven countries.

 

View original content:https://www.prnewswire.com/news-releases/trust-stamp-to-provide-secure-crypto-key-vault-solution-for-financial-institutions-301394924.html

SOURCE Trust Stamp

FAQ

What services is Trust Stamp offering as of October 2021?

Trust Stamp is offering a secure account-credential and private key storage vault targeted at financial institutions providing cryptocurrency services.

How does Trust Stamp ensure the security of cryptocurrency assets?

Trust Stamp uses biometric authentication and tokenizes data using its proprietary Irreversibly Transformed Identity Token (IT2), ensuring sensitive data is not stored or shared.

What is the significance of the vault service launched by Trust Stamp?

The vault service addresses the risk of losing cryptocurrency access credentials, which could result in permanent loss of assets, thus enhancing security for investors.

Which regulatory body influenced Trust Stamp's new service offering?

Trust Stamp's vault service responds to the Office of the Comptroller of the Currency's Interpretive Letter on July 22, 2020, which recognized the need for digital asset custody services.

What is the market potential for Trust Stamp's vault service?

With about $1 trillion in cryptocurrency assets in circulation, the vault service aims to reduce the billions of dollars permanently inaccessible due to lost account credentials.