Humanity Protocol, a web3 digital identity firm, has attained $30 million in funding which estimates its valuation at $1 billion. The financing round was led by the venture firm Kingsway Capital with the participation of Animoca Brands, Blockchain.com, and Shima Capital.
The startup, which aims to launch its coins after the ICO, also managed to raise funds (ICO). 5M from these informally influential practitioners.
Humanity Protocol makes the best use of the palm scans, generated by digital cameras, for the legitimization of the individuals’ digital identity. Through this information’s storage in a decentralized manner along with the statements of zero-knowledge proofs, the company guarantees data security.
Founder Terence Kwok highlights the protocol’s role in speeding up KYC processes. He explains how unique biometric data can be utilized to improve efficiency in this area.
In Q2 2024, the Humanity Project targets its test network readiness with plans to scale its team and form strategic alliances. The startup penetrates the market niche of emerging interest in digital identity by fighting the competition with existing platforms like Worldcoin which, have faced regulatory inception problems.
