Humanity Protocol, a blockchain-based identity verification firm, has achieved a valuation of $1.1 billion following a $20 million funding round co-led by Pantera Capital and Jump Crypto. The company is developing a system that utilizes palm scans to verify that online accounts belong to real individuals, aiming to address issues such as bots, fake accounts, and online fraud. The recent funding will support the broader launch of this product in the coming months.
In addition to its identity verification system, Humanity Protocol is preparing to introduce its own cryptocurrency, with final preparations underway to ensure a smooth launch. The firm anticipates that the current pro-business environment could accelerate the development of blockchain-based solutions and attract further investment.
The demand for digital identity verification is increasing due to concerns over deepfakes and cyber fraud. Similarly, other blockchain startups are leveraging biometrics to tap into this market.
It’s important to note that Humanity Protocol is distinct from Humanscape (HUM), a cryptocurrency currently trading at approximately $0.0642. The two entities operate in different sectors within the blockchain industry.
