Trust Stamp (OTCQX:IDAI, EURONEXT:AIID) Inc., a provider of AI-powered trust and identity services, announced that it is adding secure account-credential and private key storage vault functionality to its suite of solutions targeted at financial institutions delivering cryptocurrency and digital asset services.
The Atlanta, Georgia-based company said the solution leverages Trust Stamp (OTCQX:IDAI, EURONEXT:AIID)'s proven facial biometric authentication technology to establish and grant access to the vault.
“Biometric and other data is converted into Trust Stamp (OTCQX:IDAI, EURONEXT:AIID)'s proprietary Irreversibly Transformed Identity Token (IT2) and immediately discarded,” said the company.
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, it added.
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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.
However, to boost 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.
In a statement, John Bridge, who is the executive vice president responsible for cryptocurrency-related services at Trust Stamp, said: "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," he added.
As an expert in digital currency and financial technology, Bridge spent 34 years in law enforcement, which included serving as senior inspector and 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 said it will offer the vault service through financial institutions, including US and international banks, in response to increased business demand following an Office of the Comptroller of the Currency (OCC) letter circulated on July 22, 2020, which emphasized the need for 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,” noted the company.
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.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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