Humanity Protocol Secures $30M Funding, Reach $1B Valuation

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As an experienced analyst, I find Humanity Protocol’s latest funding round of $30 million, led by Kingsway Capital and joined by Animoca Brands, Blockchain.com, and Shima Capital, to be a significant milestone in the digital identity space. The valuation of the company at $1 billion is a testament to the potential of this startup.

I’ve learned that Humanity Protocol, a leading player in the web3 digital identity sector, has announced securing $30 million in funding. This investment values the company at an estimated $1 billion. The financing round was spearheaded by Kingsway Capital, with notable contributions from Animoca Brands, Blockchain.com, and Shima Capital.

The startup successfully secured funding to the tune of 5M from influential industry players ahead of its planned coin launch following the Initial Coin Offering (ICO).

Using advanced technology from digital cameras, Humanity Protocol effectively utilizes palm scans to authenticate individuals’ digital identities. By storing this data Decentralizedly and incorporating zero-knowledge proofs, Humanity Protocol ensures robust data security.

As aanalyst, I’d like to bring your attention to the significance of the proposed protocol in expediting Know Your Customer (KYC) procedures, as emphasized by Founder Terence Kwok. He underscores the potential of utilizing unique biometric data to enhance the efficiency of this crucial process.

In the second quarter of 2024, the Humanity Project aims to prepare its test network for launch by expanding its team and forging partnerships. This innovative company is entering a burgeoning market segment focused on digital identity, as it competes against established platforms such as Worldcoin that have encountered regulatory challenges.

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2024-05-16 02:12