In a delightful twist of fate, Humanity Protocol has managed to charm the financial gods, securing a staggering $20 million in a recent funding escapade, catapulting its total valuation to a jaw-dropping $1.1 billion in fully diluted terms. Just a mere whisper ago, in the balmy month of May 2024, the company was valued at a modest $1 billion after a rather generous $30 million fundraising spree. Ah, how the tides of fortune turn!
But wait, who are the knights in shining armor behind this financial fairy tale? None other than the illustrious Pantera Capital and Jump Crypto, two venture capital titans known for their uncanny ability to sniff out blockchain gold. These firms have a knack for supporting projects that make the rest of us mere mortals scratch our heads in bewilderment. š§
Pantera, for instance, recently led a $7 million investment in Radius, a rollup platform (whatever that means), and a $10 million round for Braavos, a decentralized wallet provider. Meanwhile, Jump Crypto, with all the flair of a magician pulling rabbits from hats, spearheaded a $7.5 million funding round for Raiinmaker, an AI-driven platform that allows users to train AI models via smartphones. Because who doesnāt want to teach their phone to think? š¤
Now, these two investment behemoths have decided to join forces, like a superhero team-up, to bolster Humanity Protocolās development. The fresh $20 million will turbocharge the work on Humanity Protocolās Proof of Humanity mechanism, its Human ID system, and seamless integrations with top Web3 platforms. Itās like giving a rocket booster to a bicycle!
With this newfound treasure, the platform is expanding its reach, positioning itself as a formidable contender to Worldcoin. Unlike Worldcoin, which relies on the rather invasive iris scanning to verify users, Humanity Protocol has opted for the more whimsical palm scanning technology. Yes, you heard that rightāpalm scanning! Because who needs privacy when you can have a high-tech handprint? ā
The system is designed to authenticate real individuals without exposing sensitive personal data. āThis helps solve problems like bots, fake accounts, and online fraud,ā said Humanity Protocol founder Terence Kwok, who seems to have a solution for everything, in an interview with Reuters. Bravo, Terence! š
But wait, thereās more! Beyond identity verification, this funding will also support upcoming initiatives such as developer grants, strategic partnerships, and community-building efforts ahead of Humanity Protocolās much-anticipated mainnet launch. Itās like a party where everyone is invited, and the cake is made of blockchain! š
āAt Humanity Protocol, weāre committed to empowering individuals with digital identities that are truly their own. This investment from Jump Crypto and Pantera Capital brings us one step closer to realizing a future where trustless, decentralized identity solutions are the norm. Weāre honored to have the backing of such visionary investors who share our belief in the transformative potential of Web3 technologies,ā Kwok stated, probably while sipping a fancy latte. ā
In a delightful encore, the funding announcement follows Humanity Protocolās recent establishment of the Humanity Foundation, an initiative led by Web3 leaders Yat Siu, Mario Nawfal, and interim CEO Yeewai Chong. Because whatās better than one ambitious project? A whole foundation of them!
Launched on January 14, the Humanity Foundation will focus on investing in blockchain projects that integrate Humanity Protocolās Proof of Humanity system. The foundation aims to foster innovation through research, development, and new use cases for decentralized identity verification. Itās like a think tank, but with more blockchain and fewer boring meetings.
By backing non-invasive biometric authentication, the foundation seeks to accelerate global adoption and reinforce the importance of decentralized digital identity solutions in an increasingly digital world. Because who wouldnāt want to live in a world where your palm can unlock the secrets of your identity? š
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2025-01-27 20:47