Humanity Protocol, a blockchain-based identity verification company, has secured a fully diluted valuation of $1.1 billion after raising $20 million in its latest funding round.
The round was co-led by Pantera Capital and Jump Crypto, signalling strong investor confidence in the firm’s vision and technology, Reuters reported.
Where is the Fund Going?
The funds will be used to expand the company’s reach and accelerate the launch of its product, which uses palm scan technology to verify online accounts belonging to real people.
Founder Terence Kwok explained, “The protocol allows people to prove they are human without revealing personal details. This helps solve problems like bots, fake accounts, and online fraud.”
Tackling Online Fraud with Blockchain
Humanity Protocol’s innovative approach leverages blockchain and biometric data to address a growing need for digital identity verification.
The rise of AI and deepfake technology has amplified concerns about cybersecurity and online authenticity. Companies like Humanity Protocol aim to provide robust solutions to these challenges.
By focusing on anonymity and security, the protocol ensures that users can validate their humanity without compromising sensitive personal data.
This approach is particularly attractive in an era where online fraud and bot activity have become pervasive issues for businesses and individuals alike.
Growing Interest in Digital Identity Verification
Digital identity verification is rapidly gaining traction, driven by rising concerns about cybersecurity and the proliferation of AI-driven fraud. The sector has drawn significant attention from investors, with blockchain startups like Humanity Protocol and others leading the charge.
World Network, co-founded by OpenAI CEO Sam Altman, is one such example. It uses facial and iris recognition to create verified digital IDs, reflecting a broader trend toward biometric-driven identity solutions.
Humanity Protocol is set to introduce its own cryptocurrency token soon, with preparations underway to ensure a smooth launch.
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A Favorable Climate for Blockchain Innovation
The resurgence of blockchain innovation is also tied to political developments. With Donald Trump’s return to the White House, many in the crypto and blockchain industry are optimistic about reduced regulatory hurdles and increased support for pro-business policies.
Kwok expressed enthusiasm about the evolving regulatory landscape: “I’m excited to see the innovations that will be better supported under this administration.”
Humanity Protocol’s $1.1 billion valuation marks a significant milestone in the digital identity verification space. As concerns over online fraud and AI-driven threats grow, the company’s blockchain-powered approach offers a timely and effective solution.
Backed by industry leaders like Pantera Capital and Jump Crypto, Humanity Protocol is well-positioned to make a meaningful impact in reshaping how digital identities are verified and secured.
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