Humanity Protocol Achieves Unicorn Status with $30 Million Funding, Valuation Reaches $1 Billion
Humanity Protocol has achieved unicorn status following a recent funding round that raised $30 million, resulting in a valuation of $1 billion.
The Seed Round, led by Kingsway Capital, saw participation from prominent investors such as Animoca Brands, Blockchain.com, Hashed, Shima Capital, and several others, the firm said in a recent Medium post.
Per the announcement, the funding injection will enable Humanity Protocol to expand its product development unit as it gears up for the launch of its public testnet in the latter half of 2024.
The project sets itself apart by utilizing palm scanning technology to secure users’ digital identities on a blockchain.
By integrating zero-knowledge technology and employing a consensus mechanism known as “proof-of-humanity,” the platform aims to verify that users are human and not AI bots.
Humanity Protocol’s approach to identity verification presents itself as a less invasive alternative to its competitor, Worldcoin, which utilizes iris scanning technology.
Worldcoin, led by OpenAI CEO Sam Altman, has faced significant backlash and been banned in multiple countries due to privacy concerns.
Nevertheless, Worldcoin has already amassed an impressive user base of 10 million individuals.
Since emerging from stealth mode just one month ago, Humanity Protocol has garnered substantial interest, with over half a million people signing up for its waitlist.
Terence Kwok, who launched the Humanity Protocol through the Human Institute in February 2023, has received support from notable figures such as Animoca Brands co-founder Yat Siu and Polygon Labs, who assisted in building a testnet earlier this year.
While decentralized identity solutions hold immense potential, Yat Siu emphasizes the importance of
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