Digital assets-focused funding corporations Pantera Capital and Soar Crypto reportedly helped a brand new palm-scanning blockchain mission attain a greater than $1 billion valuation.
Based on a brand new report by Reuters, the decentralized id mission Humanity Protocol has raised its totally diluted valuation to $1.1 billion after closing a $20 million funding spherical led by Pantera and Soar.
The mission aims to develop a community that makes use of palm scans to confirm that on-line accounts belong to actual folks.
Says Terence Kwok, founding father of Humanity Protocol,
“The protocol permits folks to show they’re human with out revealing private particulars. This helps clear up issues like bots, faux accounts and on-line fraud.”
Kwok additionally says he expects the mission to problem a token quickly with “remaining preparations underway to make sure a easy launch.”
The corporate says the funding will assist their mission scale up.
“The funding will speed up Humanity Protocol’s growth of Proof of Humanity, Human ID, and seamless integrations with main Web3 platforms. With the assist of Soar Crypto and Pantera Capital, Humanity Protocol is poised to scale its operations, develop its international attain and drive adoption throughout industries past Web3.”
Kwok provides that US President Donald Trump’s assist of digital property will possible generate elevated funding for blockchain-related startups.
“I’m excited to see the brand new improvements that will probably be higher supported beneath this administration. A professional-business surroundings might speed up the event of blockchain-based options and appeal to funding.”
The mission just isn’t the primary to try to make use of physique half scans and blockchain know-how.
In 2023, OpenAI founder Sam Altman launched Worldcoin (WLD), a cryptocurrency mission that makes use of eye-scanning know-how to create an id community.
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