Humanity Protocol achieves $1.1B valuation after $20M fundraise
Humanity Protocol, a decentralised identity platform, has successfully raised $20 million in venture funding, resulting in a valuation of $1.1 billion.
The funding round was co-led by Pantera Capital and Jump Crypto, positioning Humanity Protocol to compete with existing identity solutions like World Network.
The capital will be allocated towards the development of its Proof of Humanity protocol, which connects users' palm scans to their digital identities across Web3 platforms.
This funding also paves the way for the upcoming mainnet launch of the protocol.
Humanity Protocol plans to conduct a token airdrop in collaboration with OKX Wallet as part of its rollout strategy.
Unlike other blockchain initiatives like World Network, which employ iris scans, the palm scanning technology used by Humanity Protocol is characterized as "less invasive."
Founder Terence Kwok emphasised that users are more familiar with palm and fingerprint biometrics than iris codes, making it a more accessible option.
Despite concerns over biometric data privacy, experts argue that biometric verification is essential for advancing Web3 adoption and integration into various sectors, including finance and healthcare.
Sebastian Rodriguez from Privado ID highlighted the importance of consent over anonymity in identity verification discussions.
He expressed skepticism about World Network's business model, suggesting it could lead to monopolistic practices in digital identity verification.
As the demand for decentralised identity solutions grows amid increasing AI integration, Humanity Protocol aims to address issues related to online fraud and bot accounts through its innovative approach.
With this funding, Humanity Protocol is set to expand its operations and strengthen its position in the decentralised identity market throughout 2025.
The company anticipates further partnerships and community initiatives leading up to its mainnet launch, reinforcing its commitment to empowering individuals with secure digital identities.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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