Humanity Protocol raises $20M, valuation hits $1.1 billion in new round
Startup сonfirms $1B valuation
The digital identity project Humanity Protocol has announced the closing of a $20 million strategic funding round led by Jump Crypto and Pantera Capital.
According to the company, the new capital will accelerate the development of the Proof of Humanity protocol and Human ID, while fostering integration with leading Web3 platforms.
A few days ago, Humanity Protocol shared a video on the social network X, showcasing its application that allows users to scan their palms, signaling plans for a global expansion.
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Humanity Protocol founder Terence Kwok stated that the startup aims to empower individuals with digital identities and realize a future where secure and decentralized identity solutions become the norm.
A new blockchain model and identification methods
The startup plans to create a new type of blockchain based on its proprietary Proof-of-Humanity (PoH) concept. This will enable transaction verification without revealing user data while maintaining high security standards.
In May 2024, the project closed a $30 million funding round led by Kingsway Capital, with participation from Animoca Brands, Blockchain.com, and Shima Capital. An additional $1.5 million came from unnamed crypto influencers. At that time, the company was valued at $1 billion, and the latest round confirms its status as a potential unicorn.
Beyond the palm-scanning app, another layer of security in the Humanity Protocol will involve vein-scanning technology using specialized infrared cameras. In the coming months, the company promises to make a bigger impact and showcase fully developed solutions.
As we wrote, on January 21, the Worldcoin identification crypto project, led by OpenAI's Sam Altman, surged from $1.90 to an intraday high of $2.30, briefly topping the list of the most profitable coins among the top 200 cryptocurrencies by market capitalization.
