Humanity Protocol, a digital identity startup, has secured $30 million in a $1 billion seed round led by Kingsway Capital.
Bloomberg reports that Humanity Protocol, a digital identity firm, has raised $30 million in a $1 billion seed round. The startup uses blockchain technology to validate people’s online identities by scanning their hands.
The UK-based investment management company Kingsway Capital led the investment, and Web3 investing businesses Animoca Brands and Blockchain.com also participated.
Terence Kwok, the founder of Humanity Protocol, reported that his company also collected roughly $1.5 million in a “key opinion leader” round from prominent cryptocurrency influencers.
According to the paper, both fundraising efforts used simple agreements for future tokens, or SAFTs.
His organization is developing a blockchain-based method to prove an online person’s identity, which solves one of the main issues with the developing fields of artificial intelligence, deepakes, and digital intellectual property.
Humanity Protocol plans to use the additional funds it will receive late in 2023 to expand its staff of about 20 employees and form new alliances.
Having already added 500,000 subscribers to the queue, the decentralized identification startup plans to deploy its testnet in Q2, and this fundraising coincides with that date.
Terence Kwok, the inventor of the Humanity Protocol, said that the need for reliable online identity verification solutions is increasing and stated, “We look at artificial intelligence.” Every released deep-fake video undergoes a thorough examination.
The next steps for Humanity Protocol, according to Kwok, will involve the introduction of an app by his firm that “can use a phone camera to scan people’s palm prints to determine their identity.” This action plan is well-defined.
The Humanity Protocol has now joined Sam Altman’s Worldcoin, which uses an orb to scan people’s eyes for identification verification. Due to security concerns, some regulatory bodies have banned Worldcoin from operating in their nations, among other difficulties.
Nonetheless, Kwok thinks that biometrics has advanced recently, as Apple, the industry leader in smartphones, has included FaceID in its iPhones.
Kwok claims that the Humanity Protocol system’s method of confirming a person’s identity is less intrusive. “It’s not your eyes, nor is it your face,” he remarked. “It’s far less gloomy.”