The identity verification blockchain company Humanity Protocol announced on Monday that it has raised $20 million in a fundraising round co-led by Jump Crypto and Pantera Capital, resulting in a fully diluted valuation of $1.1 billion.
The business is developing a mechanism that will confirm that internet accounts are owned by actual individuals via palm scans. In the upcoming months, it intends to utilize the money to expand the distribution of its goods.
“Without disclosing personal information, the protocol enables people to demonstrate their humanity. Founder Terence Kwok told Reuters, “This helps solve problems like bots, fake accounts, and online fraud.”
The overall worth of a business if all possible shares and options are issued is known as a fully diluted valuation.
It is anticipated that businesses that focus on digital identity verification will grow in popularity as worries about deepfakes are sparked by the development of artificial intelligence.
Investor interest in the industry has grown as a result of the rising danger of cyber crime and the need for more effective solutions.
Biometrics are being used by blockchain firms to meet demand. Sam Altman, the CEO of OpenAI, co-founded World Network, a firm that lets people build a verified ID using pictures of their face and eyes.
The introduction of Humanity Protocol’s own cryptocurrency token is also imminent, “with the final preparations underway to ensure a smooth launch,” according to Kwok.
Global technology shares fell Monday as a Chinese bargain artificial intelligence model gained a lot of traction.
Blockchain and cryptocurrency startups are expecting a boom in interest following President Donald Trump’s return to the White House. Trump has backed the sector and promised to reduce onerous regulations.
“I’m looking forward to the new ideas that this government will better support. Blockchain-based solutions might be developed more quickly and attract investment in a pro-business atmosphere,” Kwok continued.
