Humanity Protocol, a project aimed at revolutionizing digital identity for Web3, has successfully completed an investment round, securing funding from prominent venture capital funds within the cryptocurrency space. Backed by major names like Animoca Brands and Polygon, the protocol announced on Feb. 28 that it had received strategic investments from companies such as Hashed, CMCC, Cypher Capital, Foresight Ventures, and Mechanism Capital, among others.
While the protocol did not disclose the full list of investors or the exact amount raised, it emphasized the significant support received from over 20 crypto-focused venture capital funds. Notably, Animoca Brands’ executive chairman, Yat Siu, and Polygon co-founder, Sandeep Nailwal, personally participated in the funding round, underscoring their belief in the project’s potential.
Developed in collaboration with Animoca Brands and Polygon Labs, Humanity Protocol aims to address digital identity challenges by integrating palm-recognition technology with Polygon’s zero-knowledge proofs (ZK-proofs). The project positions itself as a less-invasive alternative to traditional biometric authentication methods, particularly targeting the controversy surrounding projects like Worldcoin, known for its iris-scanning technology.
Terence Kwok, founder of Humanity Protocol, emphasized the project’s commitment to human-centric blockchain solutions, stating that technology should enhance human potential rather than compromise it. With a focus on privacy and user empowerment, Humanity Protocol seeks to offer a pioneering approach to digital identity verification in the Web3 landscape.
Meanwhile, projects like Worldcoin, which employ similar biometric authentication methods, have faced scrutiny from regulatory authorities worldwide. Concerns over data privacy and legality have prompted investigations by entities such as the French National Commission on Informatics and Liberty, Germany’s privacy watchdog, and the Kenyan government. Most recently, Hong Kong’s Office of the Privacy Commissioner for Personal Data launched an inquiry into Worldcoin’s data collection practices, citing potential violations of local privacy regulations.
As Humanity Protocol advances its mission to redefine digital identity, its strategic investments signal growing confidence in the project’s vision and potential to shape the future of Web3 in a privacy-conscious manner.
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