Trust Stamp (OTCQX:IDAI, EURONEXT:AIID) Inc, a provider of AI-powered trust and identity services, announced it has started establishing a wholly-owned crypto-asset subsidiary called Metapresence Limited in the Isle of Man.
Metapresence will operate a crypto key vault that leverages Trust Stamp (OTCQX:IDAI, EURONEXT:AIID)’s facial biometric authentication technology to establish and grant access to the vault, according to Trust Stamp (OTCQX:IDAI, EURONEXT:AIID).
The technology converts biometric and other data into Trust Stamp's Irreversibly Transformed Identity Token (IT2) and immediately discarded, which helps remove the risk for sensitive biometric data, account credentials, or encryption keys to be exposed or compromised.
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The resulting tokenized data is stored on an Amazon Quantum Ledger Database (QLDB).
In addition, the firm said it was accepted as a member of the Digital Isle of Man Accelerator Program.
The program helps companies access a range of government services including regulatory acceleration support and guided access, where flexible licensing conditions enable digital asset businesses to explore opportunities and adapt as the technology evolves, Trust Stamp said in a statement.
The firm will be seeking registration or licensing in multiple jurisdictions, including the United States and the European Union, executive vice president John Bridge added.
“We have selected the Isle of Man for our first application as the Isle of Man Financial Services Authority, in partnership with Digital Isle of Man, has published clear and substance-focused guidance setting out its position regarding the applicability of financial regulatory requirements to crypto-assets and tokens issued using blockchain and other Distributed Ledger Technology (DLT),” Bridge said.
Trust Stamp is hoping that its technology will help to tackle the growing challenge of orphaned Bitcoin caused by losing the key to a cryptocurrency wallet or non-fungible token (NFT), which estimates say could happen to around 20% of all Bitcoin and be a permanent potential loss of around $140 billion in assets.
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