Last Updated on Wednesday, 9 February, 2022 at 3:36 pm by Andre Camilleri
NASDAQ is the world’s largest electronic stock exchange
Trust Stamp is the first tech start-up based in Malta quoted on NASDAQ, where Malta Enterprise’s support was critical for the tech company to be the first Maltese company to be listed on the world’s largest electronic exchange.
This was announced by Minister for Energy, Enterprise and Sustainable Development Miriam Dalli, during a visit at the company led by CEO and co-founder Gareth Genner.
Trust Stamp provides biometric-based security systems based on their patented technology across the US, Europe, Asia and Africa.
The product range offered by Trust Stamp uses technology and artificial intelligence to enable banks and other institutions to verify customer credentials. The technology that is being researched and developed in Malta is used by highly regulated industries and international financial institutions such as MasterCard.
In her address, Minister Dalli said that, “The story of Trust Stamp is a prime example of our commitment to creating and developing new economic niches in modern sectors so that our economy can continue to diversify and strengthen, in turn creating and providing more new opportunities for our young people and workers”.
Minister Miriam Dalli went on to say that, despite the small size of Malta, our country has the potential to attract investment in the development of highly innovative start-ups such as Trust Stamp.
Malta Enterprise’s financial support, schemes and incentives were crucial for the company’s growth and its eventual investment of around €3.5 million in the Maltese economy in the last year and a half. The company will be investing a further €6 million in the next three years as it increases its presence in the country, as it will be employing another 50 people in its offices in Malta.
“Trust Stamp’s journey to NASDAQ is also a result of the ecosystem in Malta and the economic and political climate of our country, which offers stability and peace of mind to foreign investors,” added Minister Dalli.
In his speech, co-founder Gareth Genner outlined how the company came to the decision to set up its European base in the country and expressed his gratitude to the Maltese government and Malta Enterprise, which he credited as a factor in the success of the company.
“Your trust and investment in our vision, in what was a critical time for our company, helped make our success possible, and we look forward to continuing to work with you as we continue to grow Trust Stamp and continue to invest in the Maltese economy,” said Mr Genner.
NASDAQ is the largest electronic stock exchange in the world, allowing investors to trade on more than 3,500 of the world’s largest and foremost tech companies. To be listed on NASDAQ, a company must have a capital of more than $2 million, with more than 100,000 shares held by the public and an asset value of more than $4 million, amongst other requirements. About $4 billion is traded on NASDAQ daily, with an average value of more than $300 billion.