Humanity Protocol Raises $30 Million

The Web3 digital identity firm Humanity Protocol has successfully raised $30 million in funding. This latest investment round has catapulted the startup to a staggering $1 billion valuation.

The venture firm Kingsway Capital led the funding round, with additional support from Animoca Brands, Blockchain.com, and Shima Capital. According to Bloomberg, Humanity Protocol secured $1.5 million from 'influential crypto figures.'

Launching a New Cryptocurrency

Humanity Protocol has ambitious plans to launch its cryptocurrency. The firm intends to use this digital currency to pay for verification fees. Both funding rounds were conducted through Simple Agreements for Future Tokens (SAFT).

In this model, developers promise digital assets at a future date in exchange for upfront investments. The firm plans to use its new financing to expand its team of 20 people and strengthen its partnerships.

Innovative Biometric Verification

The core technology behind Humanity Protocol is both innovative and secure. The firm uses an infrared camera to scan an individual's palm, capturing the unique composition of their veins.

This biometric information is then used to verify digital identities. All data is stored using decentralized technology and zero-knowledge proofs, ensuring that the information remains secure and private.

'We have a waitlist of around 500,000 and plan to launch our test network in the second quarter of 2024,' said Terence Kwok, founder of Humanity Protocol.

Growing Interest in Digital Identity

The demand for digital identity solutions is on the rise. Humanity Protocol is not alone in this space. Worldcoin, co-founded by OpenAI's Sam Altman, is also working on infrastructure to prove human identity.

Worldcoin uses an orb to scan people's irises but has faced backlash for its business model. Critics argue that it targets users in the Global South, and some nations like Portugal and Kenya have blocked the project altogether.

In response, Worldcoin has pledged to set new data protection standards and deleted previous iris-scanning data.

Future Prospects

Humanity Protocol is poised for significant growth with a growing waitlist and substantial financial backing. The firm's innovative approach to digital identity verification could revolutionize know-your-customer (KYC) protocols and other applications.

As the test network launches in 2024, the world will watch closely how this ambitious project unfolds.