Digital assets-focused investment firms Pantera Capital and Jump Crypto reportedly helped a new palm-scanning blockchain project reach a more than $1 billion valuation.
According to a new report by Reuters, the decentralized identity project Humanity Protocol has raised its fully diluted valuation to $1.1 billion after closing a $20 million funding round led by Pantera and Jump.
The project aims to develop a network that uses palm scans to verify that online accounts belong to real people.
Says Terence Kwok, founder of Humanity Protocol,
“The protocol allows people to prove they are human without revealing personal details. This helps solve problems like bots, fake accounts and online fraud.”
Kwok also says he expects the project to issue a token soon with “final preparations underway to ensure a smooth launch.”
The company says the funding will help their project scale up.
“The funding will accelerate Humanity Protocol’s development of Proof of Humanity, Human ID, and seamless integrations with leading Web3 platforms. With the support of Jump Crypto and Pantera Capital, Humanity Protocol is poised to scale its operations, expand its global reach and drive adoption across industries beyond Web3.”
Kwok adds that US President Donald Trump’s support of digital assets will likely generate increased funding for blockchain-related startups.
“I’m excited to see the new innovations that will be better supported under this administration. A pro-business environment could accelerate the development of blockchain-based solutions and attract investment.”
The project is not the first to attempt to use body part scans and blockchain technology.
In 2023, OpenAI founder Sam Altman launched Worldcoin (WLD), a cryptocurrency project that uses eye-scanning technology to create an identity network.
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