Recently Uplisted to Nasdaq, Trust Stamp Helps Safeguard And Transport Identities In The Metaverse

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The privacy predictions for 2022 sound a lot like 2021, but the rise of the metaverse is forcing some companies to find new tools and technologies to ensure identity trust and privacy. In spite of warnings at the beginning of 2021 that today’s internet didn’t really build an identity layer, the year saw some of the most significant cyber attacks on digital systems the world has ever seen. 

The Colonial Pipeline ransomware attack, which completely shut down the company’s operations, was a glaring example of the upsurge of ransomware attacks and data breaches causing chaos in businesses around the world. So cybersecurity risk management continues to be at the forefront for organizations looking to stave off a cyber incident as they increase spending for security.

Late in 2021 when Facebook became Meta Platforms, Inc. FB, investors began paying rapt attention to the security of platforms building metaverses. The metaverse, which describes the evolution of our interaction with the internet, is intended to be a virtual world where people can have digital ownership and interact with their peers. It’s the next evolution from Decentraland, an older metaverse and the pioneer of the 3D blockchain metaverse. Decentraland is a decentralized virtual universe that gives its users full ownership of their digital assets.

Companies such as adidas AG ADDYY and Atari PONGF have purchased virtual land in these blockchain-based metaverses, and some companies are eyeing a retail future that may happen within the metaverse.

Playing it Safe?

With the rise of commerce and even banking taking part on the Meta and Decentraland platforms, the issue of establishing safe and secure crypto credentials often takes center stage. One company committed to an aggressive approach to developing new security solutions is Trust Stamp IDAI, a global provider of AI-powered trust and identity services used across multiple sectors. 
“There’s $140 billion in Bitcoin alone that’s just floating out there with lost credentials.  So there needs to be a way where you can store your credentials for all of your different crypto assets and NFTs,” Trust Stamp CEO Gareth Genner said. “So what we’ve built is a vault that allows you to store those credentials that are converted into a token on your phone or computer using your biometrics.”

Trust Stamp states that it will initially offer the vault service through financial institutions, including U.S.-based and international banks. With global bankers such as Wells Fargo & Co WFC developing its Eye Vein Technology and Barclays’ BCS Finger Vein Scanner, Trust Stamp is developing its own white-label offering for global and U.S. banks that don’t have the resources to build their own biometric technology.  Its vault service will be sold to U.S.-based and international banks in response to increased business and consumer demand for national banks to provide digital asset custody services. 

“We’ve developed the vault technology and are offering it to global and U.S. banks so they can say to their customers, you can now not only keep your money safe but your crypto credentials as well,” added Genner.

The company currently supports leading Bitcoin ATMs around the world with real-time Know Your Customer/Anti Money Laundering (KYC/AML)-compliant facial biometric and ID document verification built on its core privacy-positive data protection technology.  Trust Stamp also joined 15 key players in the blockchain industry to form the Cryptocurrency Compliance Cooperative (CCC) earlier this year.

In addition, Trust Stamp also has initiated the process to establish Metapresence Limited as a wholly-owned crypto-asset subsidiary in the Isle of Man. It has been admitted as a Member of the Digital Isle of Man Accelerator Program.

As the company continues to grow its offerings, Trust Stamp recently uplisted to Nasdaq Capital Markets with commencement of trading on January 31, 2021.

For more information, visit www.truststamp.ai.

This post contains sponsored advertising content. This content is for informational purposes only and is not intended to be investing advice.