Humanity Protocol Secures Funding From Top Crypto VCs for Web3 ID Solution

Polygon-backed Humanity Protocol has secured strategic investments from over 20 crypto enterprise capital corporations for its privacy-centric Web3 identification answer. Hashed, CMCC, Cypher Capital, Foresight Ventures, and Mechanism Capital are among the many few crypto VCs that invested in Humanity Protocol, as per a press launch shared with CryptoNews.

The funding is meant to assist the event and deployment of Humanity Protocol’s know-how, which goals to determine “Proof of Humanity” inside Web3 functions.

The agency didn’t disclose the full quantity raised in strategic funding from these crypto VCs.

Humanity Protocol to Scale ZKP-Powered Palm Recognition Tech

Humanity Protocol is constructing on using palm recognition know-how alongside zero-knowledge proofs, aiming to supply a user-friendly and privacy-preserving method to digital identification verification.

Humanity Protocol believes its privacy-centric digital ID options may have a big impression on how people work together with digital providers, notably within the context of rising considerations round synthetic intelligence and information safety.

Terence Kwok, Founding father of Humanity Protocol, said:

“Our core perception is that know-how ought to empower people, not prohibit them. With the assist of those main traders, we aren’t simply constructing an ecosystem; we’re fostering a motion in direction of a safe and inclusive digital future for everybody. This funding marks a crucial step in our journey to carry our human-centric blockchain to the world, providing people management over their digital identification and prioritizing privateness.”

The secured funds will likely be used to speed up the event and adoption of Humanity Protocol, specializing in scalability, effectivity, and consumer accessibility. This consists of getting ready for the launch of their testnet, permitting customers worldwide to expertise the know-how firsthand.

Notably, the fundraise additionally noticed participation from crypto veterans, together with Yat Siu and Sandeep Nailwal.