Unlike Worldcoin’s iris scanning method, Humanity Protocol uses palm scanning technology to verify real users while preserving privacy, aiming to combat bots and online fraud.
By Chimamanda U. Martha
Edited by Marco T. Lanz
Updated
3 mins read
Humanity Protocol has successfully raised $20 million in a recent funding round, pushing its total valuation to $1.1 billion in fully diluted terms. The company was previously valued around $1 billion in May 2024 following a $30 million fundraising.
The latest investment was co-led by Pantera Capital and Jump Crypto, two prominent venture capital firms known for their strategic support of blockchain projects.
Both Pantera Capital and Jump Crypto have played crucial roles in funding blockchain initiatives. Pantera, for instance, recently led a $7 million investment in Radius, a rollup platform, and a $10 million round for Braavos, a decentralized wallet provider. Meanwhile, Jump Crypto spearheaded a $7.5 million funding round for Raiinmaker, an AI-driven platform that enables users to train AI models via smartphones.
Now, these two investment giants have joined forces to support Humanity Protocol’s development. The fresh $20 million in funding will accelerate work on Humanity Protocol’s Proof of Humanity mechanism, its Human ID system, and seamless integrations with top Web3 platforms.
With the new funding, the platform is expanding its reach, positioning itself as a strong competitor to Worldcoin. Unlike Worldcoin, which relies on iris scanning to verify users, Humanity Protocol leverages palm scanning technology to confirm a person’s identity while ensuring privacy.
The system is designed to authenticate real individuals without exposing sensitive personal data. “This helps solve problems like bots, fake accounts, and online fraud,” said Humanity Protocol founder Terence Kwok in an interview with Reuters.
Beyond identity verification, the funding will also support upcoming initiatives such as developer grants, strategic partnerships, and community-building efforts ahead of Humanity Protocol’s anticipated mainnet launch.
“At Humanity Protocol, we’re committed to empowering individuals with digital identities that are truly their own. This investment from Jump Crypto and Pantera Capital brings us one step closer to realizing a future where trustless, decentralized identity solutions are the norm. We’re honored to have the backing of such visionary investors who share our belief in the transformative potential of Web3 technologies,” Kwok stated.
The funding announcement follows Humanity Protocol’s recent establishment of the Humanity Foundation, an initiative led by Web3 leaders Yat Siu, Mario Nawfal, and interim CEO Yeewai Chong.
Launched on January 14, the Humanity Foundation will focus on investing in blockchain projects that integrate Humanity Protocol’s Proof of Humanity system. The foundation aims to foster innovation through research, development, and new use cases for decentralized identity verification.
By backing non-invasive biometric authentication, the foundation seeks to accelerate global adoption and reinforce the importance of decentralized digital identity solutions in an increasingly digital world.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Chimamanda is a crypto enthusiast and experienced writer focusing on the dynamic world of cryptocurrencies. She joined the industry in 2019 and has since developed an interest in the emerging economy. She combines her passion for blockchain technology with her love for travel and food, bringing a fresh and engaging perspective to her work.
