Web3 digital identity startup Humanity Protocol secures $30 million funding, valued at $1 billion


  • Humanity Protocol, a leading web3 digital identity startup, has successfully secured $30 million in funding, led by Kingsway Capital, reaching a valuation of $1 billion.
  • Humanity Protocol utilizes advanced palm scan technology for online identity verification, employing decentralized technology and zero-knowledge proofs to ensure top-tier security.
  • The company plans to introduce its own cryptocurrency to facilitate verification fee payments.

Web3 digital identity firm Humanity Protocol has secured $30 million in funding, propelling the startup to a $1 billion valuation.

Led by Kingsway Capital, the funding round also saw robust support from Animoca Brands, Blockchain.com, and Shima Capital. Additionally, Humanity Protocol garnered $1.5 million from prominent figures in the crypto community, as reported by Bloomberg.

Humanity Protocol is gearing up to launch its own cryptocurrency. Both funding rounds were conducted through simple agreements for future tokens (SAFT), wherein developers commit to providing digital assets at a future date in exchange for upfront investment. The company plans to utilize the funds to expand its 20-member team and strengthen partnerships.

The innovative firm employs infrared cameras to scan individuals’ palms, capturing the unique composition of their veins to verify digital identities. This data is securely stored using decentralized technology and zero-knowledge proofs, ensuring robust privacy protection.

Founder Terence Kwok revealed to Bloomberg that Humanity Protocol has a waitlist of approximately 500,000 users and is set to launch its test network in Q2 2024. The biometric data from palm scans aims to streamline KYC protocols, among other applications, Kwok noted.

Growing interest in digital identity

Worldcoin, co-founded by OpenAI’s Sam Altman, is building cutting-edge infrastructure to verify human identity. The company developed an innovative orb that scans irises to achieve this goal, though it faced criticism for its business model, which some argued targeted users in the Global South. In response, nations like Portugal and Kenya have blocked the project.

Worldcoin has committed to setting a new standard for data protection and has deleted its previous iris-scanning data.

In July 2023, Worldcoin launched its crypto token, WLD. As of 10:30 a.m. ET (14:30 UTC) today, WLD is trading at $4.95, reflecting a 1.87% decrease in the past 24 hours, according to The Block Prices.


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