- A web3 digital identity business called Humanity Protocol raised $30 million in funding, backed by Kingsway Capital, at a $1 billion value.
- The Humanity Protocol employs palm scanning as a means of authenticating an individual’s digital identity, safeguarded by zero-knowledge proofs and preserved by decentralized technology.
- The company plans to introduce a cryptocurrency of its own to cover verification costs.
Humanity Protocol, a web3 digital identification company, raised $30 million in investment, valuing the business at $1 billion.
The funding round was led by the venture company Kingsway Capital, with additional backing from Animoca Brands, Blockchain.com, and Shima Capital. Additionally, Humanity Protocol raised $1.5 million from well-known cryptocurrency players.
Humanity Protocol intends to introduce a coin of its own. Simple agreements for future tokens (SAFT), in which a developer guarantees digital assets at a later date in exchange for an upfront contribution, were used for both funding rounds. With the money, the company plans to expand its 20-person workforce and strengthen alliances.
Humanity Protocol uses an infrared camera to scan a person’s palm and record the veins’ distinct makeup. This data validates an individual’s digital identity, which is protected from unauthorized access using zero-knowledge proofs and decentralized technologies.
According to Terence Kwok, the founder of the company, it has about 500,000 people on its waitlist and intends to start its test network in the second quarter of 2024. According to Kwok, among other things, the distinct biometric data from a person’s palms can be utilized to speed up know-your-customer (KYC) procedures.
Increasing curiosity about digital identities
Sam Altman of OpenAI co-founded Worldcoin, which is also developing infrastructure to verify the identity of a person. In order to help do that, the company developed an orb that scans people’s irises; nonetheless, it faced criticism for its business model, which some claimed targeted customers in the Global South. A few countries, including Portugal and Kenya, have completely blocked the proposal.
Since then, the company has announced that it will create a new data protection standard and has erased its earlier iris-scanning data.
In July 2023, Worldcoin introduced its cryptocurrency token, WLD. WLD fell 1.87% over the previous day, closing at $4.95 at 10:30 a.m. ET.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
