Atlanta, GA, Jan. 06, 2025 (GLOBE NEWSWIRE) -- Trust Stamp (Nasdaq: IDAI), a global provider of AI-powered technologies, has announced a strategic transaction with Qenta Inc. ("Qenta"). Under the arrangement, Qenta is spinning its Goldstar KYC technology off into a newly formed subsidiary, QID Technologies LLC ("QID"), with Trust Stamp having a 10% ownership interest in the new entity. In parallel, Trust Stamp has provided a non-exclusive license of its AI-powered identity technologies to QID in return for a single $1m license fee receivable in three installments over Q1 of 2025.
QID is also contracting with Trust Stamp for business development, product development, and product operations for identity and privacy services and solutions in return for monthly service fees starting January 1st, 2025, and capped at $3.6m annually. As Trust Stamp is a 10% equity holder in QID, the projected $3.6m in billed revenue would result in a net cash inflow of $3.3m.
Gareth N. Genner, CEO of the Company, observed, "This strategic transaction brings together Trust Stamp's unique AI-powered identity authentication and tokenization technology, Qenta's global asset tokenization capability, and the power of the QOS permissioned blockchain. The result is a robust identity and asset ecosystem designed to resist threats, including quantum computing, ransomware, and deepfake technologies. From a Trust Stamp perspective, the transaction is immediately accretive in that we have been able to restructure and reallocate existing resources to service this new revenue stream without incurring additional expenses."
Gareth N. Genner further commented, "QID is a perfect fit for our mission of accelerating secure financial and societal inclusion. The partnership allows our AI-powered technology to be deployed in a wider range of large-scale use cases, including national identity programs while providing Trust Stamp with potentially valuable equity participation and offsetting a significant proportion of our operating costs."
About Trust Stamp
Trust Stamp is a global provider of AI-powered software and data transformation services for use in multiple sectors, including banking and finance, regulatory compliance, government, real estate, communications, and humanitarian services. Trust Stamp is located across North America, Europe, Asia, and Africa and trades on the Nasdaq Capital Market (Nasdaq: IDAI). www.truststamp.ai
About Qenta
Qenta Inc. is a comprehensive financial services & technology platform offering asset tokenization, cashless payments, and capital & risk management solutions, uniquely positioned to serve emerging markets. By reducing friction and delivering better access to financial products and services, Qenta Inc. aims to create borderless and democratized financial ecosystems to elevate global businesses and citizens. www.qenta.com
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Trust Stamp Email: Shareholders@truststamp.ai
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