Latest $30M Seed Capital Pushes Web3 Identity Comp
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Posted On: 05/21/2024 4:54:21 PM
Latest $30M Seed Capital Pushes Web3 Identity Company to Unicorn Status
An online identity startup that uses blockchain tech to verify the online identities of individuals through palm scanning has bagged $30 million in seed capital. The startup, Humanity Protocol, is currently valued at $1 billion.
The seed round was led by Kingsway Capital, an investment-management company based in the United Kingdom. Various Web3 investment companies participated in the event, including Blockchain.com and Animoca Brands. Shima Capital, a venture company, also took part in the event.
Terence Kwok, the founder of Humanity Protocol, stated that his company had also raised roughly $1.5 million from prominent cryptocurrency figures during a separate round. According to the report, both fundraising events were concluded through simple agreements for future tokens (SAFTs).
The company is designing a system based on blockchain, which addresses a huge concern in the burgeoning industries of deepfakes, artificial intelligence and digital internet protocol (IP). That concern is proving whether an individual is an actual person online.
Humanity Protocol, founded late last year, is planning to deploy the recently generated funds to enter into more partnership agreements and grow its staff of about 20 individuals. This seed round also paves the way for the startup’s planned launch of a testnet in the second quarter of the year. Thus far, it has onboarded half a million users to its waitlist.
In his statement, Kwok called attention to the growing necessity for reliable systems to verify people’s identities. The company has created an action plan using zero-knowledge proofs, with its founder revealing that their subsequent steps will include the launch of an application that causes phone cameras to scan palm prints of individuals to ascertain their identity.
Their verification method, unlike others, allows one to verify information provided without having to reveal said information.
The company joins Worldcoin, founded by Sam Altman, which utilizes an orb for scanning a person’s eyes to verify their identities. Altman is also the CEO of OpenAI. In the last couple of years, Worldcoin has run into some issues with a number of regulatory entities banning the tool from their nations amid concerns of security risks.
Despite these hitches, Kwok is of the opinion that biometrics tech has matured over the last few years, with Apple also incorporating FaceID within its smartphones. According to Humanity Protocol’s CEO, the company’s approach is hardly invasive in how it verifies one’s identity, adding that their method is less dystopian. The company remains committed to safeguarding individuals’ rights while also creating a more secure and equitable online environment for all.
Entities such as NextPlat Corp. (NASDAQ: NXPL) (NASDAQ: NXPLW) that are involved in sensitive segments such as healthcare ecommerce have turned to Web3 solutions for the same reason of ensuring an equitable and safe experience for all using their platforms.
NOTE TO INVESTORS: The latest news and updates relating to NextPlat Corp. (NASDAQ: NXPL, NXPLW) are available in the company’s newsroom at https://ibn.fm/NXPL
Please see full terms of use and disclaimers on the Web3MediaWire website applicable to all content provided by W3MW, wherever published or re-published: https://www.Web3MediaWire.com/Disclaimer
An online identity startup that uses blockchain tech to verify the online identities of individuals through palm scanning has bagged $30 million in seed capital. The startup, Humanity Protocol, is currently valued at $1 billion.
The seed round was led by Kingsway Capital, an investment-management company based in the United Kingdom. Various Web3 investment companies participated in the event, including Blockchain.com and Animoca Brands. Shima Capital, a venture company, also took part in the event.
Terence Kwok, the founder of Humanity Protocol, stated that his company had also raised roughly $1.5 million from prominent cryptocurrency figures during a separate round. According to the report, both fundraising events were concluded through simple agreements for future tokens (SAFTs).
The company is designing a system based on blockchain, which addresses a huge concern in the burgeoning industries of deepfakes, artificial intelligence and digital internet protocol (IP). That concern is proving whether an individual is an actual person online.
Humanity Protocol, founded late last year, is planning to deploy the recently generated funds to enter into more partnership agreements and grow its staff of about 20 individuals. This seed round also paves the way for the startup’s planned launch of a testnet in the second quarter of the year. Thus far, it has onboarded half a million users to its waitlist.
In his statement, Kwok called attention to the growing necessity for reliable systems to verify people’s identities. The company has created an action plan using zero-knowledge proofs, with its founder revealing that their subsequent steps will include the launch of an application that causes phone cameras to scan palm prints of individuals to ascertain their identity.
Their verification method, unlike others, allows one to verify information provided without having to reveal said information.
The company joins Worldcoin, founded by Sam Altman, which utilizes an orb for scanning a person’s eyes to verify their identities. Altman is also the CEO of OpenAI. In the last couple of years, Worldcoin has run into some issues with a number of regulatory entities banning the tool from their nations amid concerns of security risks.
Despite these hitches, Kwok is of the opinion that biometrics tech has matured over the last few years, with Apple also incorporating FaceID within its smartphones. According to Humanity Protocol’s CEO, the company’s approach is hardly invasive in how it verifies one’s identity, adding that their method is less dystopian. The company remains committed to safeguarding individuals’ rights while also creating a more secure and equitable online environment for all.
Entities such as NextPlat Corp. (NASDAQ: NXPL) (NASDAQ: NXPLW) that are involved in sensitive segments such as healthcare ecommerce have turned to Web3 solutions for the same reason of ensuring an equitable and safe experience for all using their platforms.
NOTE TO INVESTORS: The latest news and updates relating to NextPlat Corp. (NASDAQ: NXPL, NXPLW) are available in the company’s newsroom at https://ibn.fm/NXPL
Please see full terms of use and disclaimers on the Web3MediaWire website applicable to all content provided by W3MW, wherever published or re-published: https://www.Web3MediaWire.com/Disclaimer
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