Humanity Protocol Secures $30 Million for Identity Verification

Humanity Protocol, a pioneer in digital identity verification, recently raised $30 million and achieved unicorn status.

This milestone comes less than a year after the company’s inception. It leverages blockchain technology to authenticate online identities.

Innovative Identity Verification Technology

Humanity Protocol’s solution addresses the challenge of verifying online identities in an era dominated by artificial intelligence and deepfake technology. The company’s utilizes palm scans, which are considered more secure and less invasive than traditional biometric methods.

By analyzing the unique vein patterns in individuals’ palms, Humanity Protocol ensures high accuracy and security. Indeed, founder Terence Kwok emphasized the increasing importance of robust identity verification systems.

“The whole concept of identity is becoming more important. We look at artificial intelligence. We look at all the deep fake videos that are coming on,” Kwok said.

The recent funding round was led by Kingsway Capital, with additional investments from notable entities such as Animoca Brands, Blockchain.com, and Shima Capital. Earlier this year, the startup also secured $1.5 million from influential figures within the cryptocurrency community.

With the fresh capital, Humanity Protocol plans to expand its 20-person team and forge new partnerships. The company aims to launch its testnet in the second quarter, with a waitlist of approximately 500,000 users. It will initially feature a mobile app capable of scanning palm prints to confirm identities.

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In addition to its biometric verification services, Humanity Protocol plans to launch a cryptocurrency token to facilitate the payment of verification fees. The company’s recent funding rounds were conducted through Simple Agreements for Future Tokens (SAFTs), a common mechanism in the cryptocurrency industry.