Humanity Protocol closed a $30 million round at a $1 billion valuation

Humanity Protocol announced that it has become one of the “crypto unicorns”.

These are companies with valuations of $1 billion.

The startup raised $30 million with participation from Kingsway Capital, Animoca Brands and others.

The Humanity Protocol project has closed an investment round of $30 million at a valuation of $1 billion. This makes the startup one of the “crypto unicorns,” the organization noted. The round was led by Kingsway Capital. Counterparties such as Animoca Brands, Blockchain.com and Shima Capital also took part in it.

The founder of the project, Terence Kwok, noted in a commentary to Bloomberg that the startup also received $1.5 million from opinion leaders in the cryptocurrency field.

The organization plans to spend the raised funds primarily on staff expansion. According to Kwok, the Humanity Protocol team currently includes 20 people.

“The very concept of identity is becoming increasingly relevant. We look at the pace at which AI is developing, the huge number of deepfakes, and we understand this,” he emphasized.

According to Kwok, the developers plan to launch a test network in the second quarter of 2024. There are 500,000 users registered on the waiting list, he added.

At the initial stage, the team plans to release the application. Through it, users will be able to scan their palm, which will serve as an identifier.

The next step, according to Kwok, is the integration of a second level of security. The company will release special infrared cameras for scanning the veins on the arm.

The Humanity Protocol project was introduced at the end of 2023. Later, the team announced the launch of the solution in the Polygon ecosystem.

The startup's goal is to create a new type of blockchain based on the Proof-of-Humanity (PoH) concept, which will allow transactions to be confirmed without revealing user data, while maintaining high security standards.#binance #integration #CryptoNews🚀🔥V