Web3 digital identity startup Humanity Protocol raises $30 million at a $1 billion valuation

The web3 digital identity firm Humanity Protocol raised $30 million in funding, bringing the startup to a $1 billion valuation. 

The venture firm Kingsway Capital led the round, which had additional support from Animoca Brands, Blockchain.com and Shima Capital, Bloomberg reports , adding that Humanity Protocol also raised $1.5 million from "influential crypto figures."

Humanity Protocol aims to launch its own cryptocurrency. Both funding rounds occurred through simple agreements for future tokens (SAFT), in which a developer promises digital assets at a future time in exchange for an upfront investment. The firm intends to use its financing to grow its team of 20 people and bolster partnerships.

Humanity Protocol scans an individual's palm, using an infrared camera, to note the unique composition of the person's veins. This information verifies someone's digital identity, which is stored using decentralized technology and zero-knowledge proofs to safeguard the information.

The firm's founder Terence Kwok told Bloomberg it has a waitlist of around 500,000 and plans to launch its test network in the second quarter of 2024. The unique biometric information from someone's palms can be used to expedite know-your-customer (KYC) protocols among other uses, Kwok added.

Growing interest in digital identity

Worldcoin, co-founded by OpenAI's Sam Altman , is also building infrastructure that aims to prove someone is a real human. The firm created an orb that scans people's irises to help accomplish that feat but received backlash for its business model, which individuals said targeted users in the Global South. Some nations, such as Portugal and Kenya , have blocked the project altogether.

The firm has since said it plans to forge a new standard for data protection and deleted previous iris-scanning data.

Worldcoin launched its crypto token WLD in July 2023. WLD traded at $4.95 at 10:30 a.m. ET (14:30 UTC) today, experiencing a 1.87% decrease in the past 24 hours, The Block Prices show.