Humanity Protocol has achieved a fully diluted valuation of $1.1 billion after successfully raising $20 million in a funding round co-led by Pantera Capital and Jump Crypto, the identity verification blockchain firm announced on Monday.
The company is developing a system that utilizes palm scans to verify that online accounts belong to real individuals. The newly acquired funds will be directed toward expanding the product’s reach in the coming months.
“The protocol allows people to prove they are human without revealing personal details. This helps solve problems like bots, fake accounts, and online fraud,” founder Terence Kwok told Reuters.
A fully diluted valuation reflects the total worth of a company if all potential shares and options were issued.
The sector of digital identity verification is gaining momentum as artificial intelligence advances, heightening concerns over deepfakes. The increasing prevalence of cyber fraud has further fueled demand for enhanced security tools, attracting substantial investor interest.
Blockchain start-ups are increasingly leveraging biometric technology to meet this demand. World Network, a company co-founded by OpenAI CEO Sam Altman, enables users to generate a verified ID through facial and eye scans.
Humanity Protocol is also nearing the launch of its own cryptocurrency token, “with the final preparations underway to ensure a smooth launch,” Kwok stated.
Crypto and blockchain-focused start-ups are optimistic about renewed interest in the industry following President Donald Trump’s return to the White House. Trump has been a vocal supporter of the sector and has pledged to ease regulatory restrictions.
