T Stamp Inc (NASDAQ:IDAI, EURONEXT:AIID), doing business as Trust Stamp, announced it has signed a non-binding letter of intent with Quenta for a strategic alliance to serve a network of crypto, banking and other financial services companies.
Investors welcomed the news, with Trust Stamp shares adding 11.4% at US$0.52 in early trade on Thursday.
Trust Stamp CEO Gareth Genner emphasized Qenta's role as a global company aiming to create a seamless, inclusive, secure, and regulatory-compliant financial ecosystem capable of digitizing and democratizing global assets and transactions.
“Qenta’s interlocking products and services, including the QOS blockchain, bridge the gap between legacy financial rails and the new, digital and tokenized economy and will be further enhanced by Trust Stamp’s proprietary technology providing secure, tokenized identity services ensuring both compliance and privacy,” Genner said.
“Given that 20 of our issued patents and nine of our pending patents are directly related to tokenization of identity and data, I believe that Trust Stamp is well positioned to play a significant role in the fast-growing digital transaction market."
Brent De Jong, CEO of Qenta, said the alliance brings together two companies with complementary technologies to enable more comprehensive and global delivery of products and services to businesses, governments, regulatory bodies, and consumers.
“Trust Stamp and Qenta share a vision of shaping the future of identity and data management. Combining our technologies and solutions will enhance capabilities for innovative and regulatory-compliant AI-powered solutions addressing data controls, privacy, secure content transfer, and payments,” De Jong said.
“Our alliance will leverage relationships and activities in major market sectors such as finance, commodities, advertising, government, media, and sports.”