Trust Stamp, trading as T Stamp Inc (NASDAQ:IDAI, EURONEXT:AIID), told investors that it had added another patent to its portfolio of identity protection products.
In a statement, the Atlanta-based company said it received its eighteenth patent from the US Patent and Trademark Offices, titled “Systems and Methods for Identity Authentication via Third Party Accounts”.
The company has an additional thirteen patent applications pending.
“Fraud comes in many flavors, and social media and similar peer-to-peer platforms can both serve as a breeding ground for fraudulent transactions and as a protection against them,” Trust Stamp president Andrew Gowasack commented.
“This technology, while leveraging our core privacy-first technologies, provides an optional interlock between different types of user accounts benefiting from the strengths that each can offer in terms of user authentication to produce a more resilient user-centric ecosystem.”
The company noted that it recently released its second quarter and year-to-date business update and financial results which showed positive progress across all of its commercial objectives including raising new capital, substantially growing its customer base, and reducing operating losses through substantial reductions in operating costs.
The company’s shares rose 7.6% to $2.68 in pre-market trading.
Contact the author at stephen.gunnion@proactiveinvestors.com