T Stamp Inc. reports developments for Trust Stamp, a Nasdaq-listed provider of AI-powered trust, identity and security software. Company news centers on biometric tokenization, privacy-preserving authentication, fraud reduction and digital identity services used across banking and finance, regulatory compliance, government, healthcare, real estate, communications and humanitarian services.
Recurring updates include commercial agreements, customer integrations, product and trademark activity for biometrically secured wallet technology, annual results, customer enrollment trends and expansion across geographies. News also covers completed strategic transactions, including the Lexverify acquisition and CyberFish investment, as well as partnerships involving decentralized identity, Multi-Party Computation and driver’s license data verification.
Trust Stamp (OTCQX: IDAI) has announced the launch of a secure account-credential and private key storage vault for financial institutions servicing cryptocurrency and digital assets. This solution uses advanced biometric authentication technology and Trust Stamp's Irreversibly Transformed Identity Token (IT2) for enhanced security, storing tokenized data on Amazon QLDB. With around $1 trillion in cryptocurrency at risk of loss, this service aims to provide superior protection for investors. Trust Stamp's vault will address growing demand for secure digital asset services while complying with regulations.
Trust Stamp (OTCQX: IDAI) reported its interim results for H1 2021, showcasing a 29% increase in Gross Sales compared to H1 2020. The company gained three new significant clients, anticipating higher revenue from long-standing relationships and new contracts in Q4 2021. A notable contract with the U.S. Federal Government worth $3.9 million is expected to enhance visibility and credibility. Trust Stamp is also progressing towards uplisting to Nasdaq while conducting a public funding round. They aim to deepen market penetration and diversify their services.
Trust Stamp (OTCQX:IDAI) has secured a $3.92 million contract with U.S. Immigration and Customs Enforcement (ICE) for mobile biometric services utilizing its privacy-focused data tokenization technology. The service delivery is set to commence on September 27, 2021, with expectations to fulfill obligations within the fiscal year. This award reflects Trust Stamp's commitment to secure biometric solutions and its potential to enhance operational efficiency in identity management. The contract underscores the company's innovative approach and success in large-scale implementations.
Trust Stamp (OTCQX:IDAI) has announced a 5-for-1 stock split effective August 23, 2021, as part of its application to uplist to the Nasdaq Capital Market. The Board and majority shareholders approved the amendment, increasing the total number of outstanding shares from 3,876,655 to 19,383,275. This split aims to meet Nasdaq's trading volume requirements. Trust Stamp is also planning a public offering to further support this application. The split will not dilute shareholder ownership or overall investment value.
Trust Stamp (OTCQX:IDAI) successfully raised US $4 million in a private offering, issuing 260,245 new shares of Class A Common Stock. This funding, coming from both new and existing shareholders, will enhance the company's ability to pursue an up-listing to the Nasdaq Capital Market and accelerate its growth in the biometric identity technology sector. The offering occurred in two tranches, with the first raising US $3.92 million and the second US $82,133. The private offering complies with US regulations, with significant participation from early investors.
T Stamp Inc. (OTCQX:IDAI) announces its application to up-list to the NASDAQ Capital Market, projected for later in 2021, alongside a public offering of up to $75 million in common stock. The listing requires NASDAQ approval and a minimum raise of $4 million. CEO Gareth N Genner expressed commitment to providing liquidity and accessing capital markets for growth. The company has adopted OTCQX governance standards, restructured its board, and will comply with NASDAQ governance upon listing.
Trust Stamp (OTCQX: IDAI) has announced a $1.5 million strategic investment from the National Association of Realtors' venture capital fund, Second Century Ventures (SCV), as part of a Regulation D funding round. This investment continues a five-year partnership that began with SCV's participation in Trust Stamp's tech accelerator program. The company has raised $2.5 million thus far from its funding round, intending to enhance sales and marketing initiatives. Joshua Allen, EVP, highlighted SCV’s long-term commitment to innovation in digital identity.
Trust Stamp (OTCQX: IDAI) has been granted a patent by the USPTO for its Trust Score system, an innovative tool for identity and trust verification, vital for addressing verification issues for the unbanked. This patent, alongside 12 others, positions Trust Stamp strategically within a growing global compliance landscape. The Trust Score uses advanced identity verification technology to analyze low-risk data from multiple sources, facilitating easier access to financial services for underserved populations and enhancing organizational trust assessment procedures.
Trust Stamp has announced a combined $5 million private offering and crowdfunding round aimed at enhancing its AI-powered identity services. The offering will include a Regulation D offering priced at $15.31 per share and a planned Regulation CF offering set to launch in early May 2021. The company has secured $1 million in pre-commitments and aims to close the Regulation D offering by May 31, 2021. Proceeds will bolster sales initiatives and accelerate product development, addressing growing demand for secure identity solutions across various sectors.
Trust Stamp (OTCQX: IDAI) competes as a finalist in the Hague Innovators Challenge 2021, presenting its Medical QR Code (MQRC) technology, aimed at enhancing access to health services. Selected from over 60 applicants, Trust Stamp's solution focuses on promoting equitable healthcare access in line with United Nations Sustainable Development Goals. The MQRC leverages biometric identity technology to enable secure sharing of health information. If successful in the competition, proceeds will help pilot the MQRC in the Netherlands.