Biometric Identity Startup Humanity Protocol Joins the Unicorn List
Humanity Protocol, a palm vein scanning supported identity verification firm, has recently achieved a valuation exceeding $1 billion following a successful funding round.
In its latest funding round, Humanity Protocol raised $20 million, co-led by Pantera Capital and Jump Crypto, bringing the company's fully diluted valuation to $1.1 billion. The funds are intended to accelerate the development and wider launch of the protocol's identity verification system in the coming months.
In a previous funding round, Humanity Protocol secured investments from notable backers, including Hashed, CMCC, Cypher Capital, Foresight Ventures, and Mechanism Capital. Prominent figures such as Animoca Brands co-founder Yat Siu and Polygon co-founder Sandeep Nailwal also participated as investors and founding members.
Founded by tech entrepreneur Terence Kwok, Humanity Protocol is developing a decentralized system that utilizes palm vein scans to verify online identities.
This business niche, kickstarted by Sam Altman's World digital identity project, promises to address the problems of the novel virtual world, such as bots and fake accounts by supplying the user's biometric data.
One of the main challenges for projects like the Humanity Protocol is allowing individuals to prove their humanity without disclosing personal details. The team claims that Humanity Protocol solves it by employing zero-knowledge proofs to ensure privacy and security.
In a recent interview, CEO Terence Kwok emphasized the company's commitment to privacy and user control. He highlighted that Humanity Protocol's use of palm vein scanning offers a less intrusive alternative to other biometric methods, such as iris scans. Kwok also discussed the importance of decentralization and the role of zero-knowledge proofs in maintaining user privacy.
As with other projects in Web3, Humanity Protocol is also looking to leverage its investors' gains with a token issue. The project has already launched its testnet and is preparing for the token launch later this year. While specific details about the token's utility and distribution are not disclosed yet, the launch is anticipated to create another frenzy in the currently overheated Web3 community.