ATLANTA, October 7, 2021 / PRNewswire / – Trust Stamp (OTCQX: IDAI, Euronext Growth: AIID ID), a global provider of AI-based trust and identity services used across multiple industries, today announces the addition of a secure storage vault for account credentials and private keys functionality as part of their suite of solutions for financial institutions providing cryptocurrency and digital asset services.
The solution leverages Trust Stamp’s proven facial biometric authentication technology to establish and authorize access to the safe. Biometric and other data is converted into Trust Stamp’s exclusive irreversibly transformed identity token (IT2MT) and immediately discarded. The system does not require identity verification and no personally identifiable information is ever stored or shared, preventing the exposure or compromise of sensitive biometric data, account credentials or encryption keys.
Although misplacing credentials to access a cryptocurrency account is inconvenient and may restrict access to assets, the loss of the private key of a cryptocurrency wallet or non-fungible token (NFT ) results in the permanent loss of the cryptocurrency in the wallet or the ability to prove and exercise ownership of the NFT. 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 verifiable addition transaction. Newspaper.
Jean Bridge, Executive Vice President of Trust Stamp responsible for Cryptocurrency Services, comments: “With around the United States 1000 billion dollars In cryptocurrency and NFT assets in circulation today, billions of dollars would be permanently inaccessible due to the loss of account credentials. As cryptocurrency becomes widespread and recognized as an important asset class in diversified portfolios, Trust Stamp strives to offer parallel or better protection and convenience to cryptocurrency and NFT investors compared to those offered by traditional financial institutions.“
As a digital currency and financial technology expert, Bridge has spent 34 years in law enforcement, including serving as a Senior Inspector / Chief Financial Oversight Inspector with the United States Marshals Service. He is a founding member of the DC Blockchain Alliance and an active member of the North Carolina Blockchain Initiative.
Trust Stamp will initially offer the safe-deposit box service through financial institutions, including US and international banks, in response to increased demand from businesses and consumers following an interpretive letter from the Office of the Comptroller of the Currency (OCC) on July 22, 2020, which underscored the authority and need for national banks to provide digital asset custody services. In an increasingly digitalized global economy, the provision of a custody service for access credentials and encryption keys is useful in meeting the needs of today’s financial services customers, even when 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 based on its privacy-friendly data protection technology for major Bitcoin ATMs around the world. Highlighting their commitment to the crypto space, Trust Stamp joined 15 leaders in the blockchain industry 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 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.
Established in seven countries across 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 now employs more than 80 people in seven countries.
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