Humanity Protocol Secures $20 Million to Propel Decentralized Identity Development
In a significant move for the decentralized identity landscape, the Humanity Protocol has successfully closed a funding round, raising an impressive $20 million. This capital influx has elevated the project’s valuation to $1.1 billion. The funding round was notably co-led by Pantera Capital and Jump Crypto, as detailed in a recent announcement.
This latest round of investment follows a previous fundraising effort in May 2024, during which Humanity Protocol gathered $30 million at a valuation of $1 billion. With these new resources, the project is poised to accelerate the development of its unique Proof of Humanity consensus mechanism, aiming for integration into leading Web3 platforms.
Humanity Protocol distinguishes itself by utilizing palm scans for identity verification, presenting a direct challenge to the prominent Worldcoin project, which was co-founded by OpenAI’s Sam Altman and relies on iris scans for similar purposes. This innovative approach underscores Humanity Protocol’s commitment to enhancing decentralized identity solutions in an increasingly digital world.
