VANCOUVER, BC, April 5, 2021, Loop Insights Inc. (MTRX:TSXV; RACMF:OTCQB) (the “Company” or “Loop”), a provider of contactless solutions and artificial intelligence (“AI”) to drive real-time insights and enhanced customer engagement to the brick and mortar space, is pleased to announce the Company has joined the Sovrin Foundation, an open-source, open-standards technology platform for digital identity. Built on a public blockchain, the Sovrin Ledger protects personal information while giving control of personal data back to the individuals. Loop joins over 70 leading tech organizations around the world including Cisco (CSCO:NASDAQ), T-Mobile (TMUS:NASDAQ) and NEC that have committed computing power and resources to strengthen the Sovrin Network.
INTEGRATION WITH SOVRIN FOUNDATION WILL ENHANCE LOOP’S WALLET PASS THROUGH IMPROVED SECURITY, PRIVACY, AND INTEROPERABILITY WITH MAJOR TECH LEADERS
Loop Insights currently issues credentials through the native mobile wallet that is embedded in Apple (AAPL:NASDAQ) iOS and Google (GOOG:NASDAQ) Android smartphones, which has been leveraged by Passcreator to offer a secure and easy-to-use platform. However, this data can be difficult for third parties to verify.
On January 12, 2021 Loop Insights finalized its acquisition of Passcreator to provide Loop with complete control over Passcreator and its wallet pass platform. By joining the Sovrin Foundation, the credentials that Loop Insights issues can be fully verified by any third party, allowing organizations to check them against Sovrin’s independent public blockchain. This integration is expected to greatly enhance the existing security and privacy of personal information that is encrypted and secured on Loop’s wallet pass platform, originally created by Passcreator.
By validating its issuance and data on the public Sovrin Ledger, Loop will greatly expand the interoperability of its mobile wallet passes, which can now be validated by any organization or individual. The security of the Sovrin Ledger will also enable users to share individual pieces of information with third parties without revealing their entire personal identity.
Loop Insights CEO Rob Anson stated:
“We are proud to join the Sovrin ecosystem as a Steward, strengthening the foundation’s existing decentralized identification (DID) infrastructure. At Loop Insights, we consider ourselves to be at the forefront of digital identity technologies, especially those in the healthcare space, and we look forward to working with the Sovrin Foundation to accelerate the adoption of secure and private digital identification technologies.”
As Loop Insights is a data company that is fully committed to improving the security and integrity of personal information, it has become clear that public blockchain technologies will be critical to the security and privacy of personal information moving forward. Loop Insights is excited to be driving this shift together with Sovrin and the many organizations dedicated to enhancing the security, functionality, and customer experience of mobile wallet passes.
Loop Insights’ goal is to architect and launch a platform that provides seamless interoperable data connectivity for physical venue and retail operators. With the addition of supportive blockchain verification, the Company is now able to issue verified digital wallet credentials through the native wallet in each and every smartphone.
As countries look to reopen the economy and to provide transformative future-proofed solutions, Loop Insights is working to provide a seamless, secure, and simple user experience through its Wallet pass platform. The Company has recognized the overwhelming number of third-party applications on the market today and therefore anticipates the native wallets found on Apple and Google smartphones will become dominant platforms.
Chris Raczkowski, Chair of the Sovrin Foundation Board of Trustees stated:
“The Sovrin Foundation is very excited to welcome Loop Insights as the newest Steward of the Sovrin Ledger. The innovative Loop Insights team will strengthen the Sovrin network moving forward as we continue to offer secure and privacy-preserving digital identities for all.”
About the Sovrin Foundation
The Sovrin Foundation is a non-profit social enterprise established to administer the Sovrin Governance Framework and the Sovrin Ledger, a decentralized global public identity utility that enables self-sovereign identity (SSI) on the internet. The Sovrin Foundation is an independent organization that is responsible for ensuring the Sovrin identity system is public and globally accessible. To become a Sovrin Steward, please visit https://sovrin.org/join-sovrin/
About Loop Insights
Loop Insights Inc. is a Vancouver-based Internet of Things (“IoT”) technology company that delivers transformative artificial intelligence (“AI”) automated marketing, venue tracing, and contactless solutions to the brick and mortar space. Its unique IoT device, Fobi, enables data connectivity across online and on-premise platforms to provide real-time, detailed insights and automated, personalized engagement. Its ability to integrate seamlessly into existing infrastructure, and customize campaigns according to each vertical, creates a highly scalable solution for its prospective global clients that span industries. Loop Insights operates in the telecom, casino gaming, sports and entertainment, hospitality, and retail industries, in Canada, the US, the UK, Latin America, Australia, Japan, and Indonesia. Loop’s products and services are backed by Amazon’s Partner Network.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction. Any securities referred to herein have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to a U.S. Person absent registration or an applicable exemption from the registration requirements of the United States Securities Act of 1933, as amended, and applicable state securities laws.
Notice Regarding Forward-Looking Statements
Certain statements in this news release related to the Company are forward-looking statements and are prospective in nature. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. These statements generally can be identified by the use of forward-looking words such as “may”, “should”, “could”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe” or “continue”, or the negative thereof or similar variations. Forward-looking statements in this news release include statements regarding the closing of the Transaction; post-closing objectives of Loop for acquired assets; the expectation of additional revenues to Loop post-closing; the expectation that Loop will be able to successfully integrate the acquired assets; that the Acquisition may position Loop for future growth; and that the vendors will assist Loop with the transition of operations post-closing. There are numerous risks and uncertainties that could cause actual results and Loop’s plans and objectives to differ materially from those expressed in the forward-looking information, including: (i) COVID-19 risks; (ii) difficulties and delays associated with integrating and growing the acquired assets post-closing; (iii) risks inherent in the technology and AI industries in general; (iv) other factors beyond the control of the Company; and (v) risks outlined in Loop’s publicly filed documents available on SEDAR. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, the Company does not intend to update these forward-looking statements.
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