Quick take:
The fundraising was closed at a fully diluted valuation of $1.1 billion, Reuters reported.
Humanity Protocol plans to use the fresh capital to roll out the product at a larger scale in the coming months.
The company also plans to unveil its crypto taken, with preparations for a smooth launch currently in the final stages.
Humanity Protocol has announced a $20 million fundraising co-led by Pantera Capital and Jump Crypto. The decentralised digital identity company is building a system that uses palm scans to verify the authenticity of online accounts.
The fundraising was closed at a fully diluted value of $1.1 billion, according to a Reuters report. Humanity Protocol plans to use the fresh capital to roll out its product widely in the coming months.
According to the announcement, the company is also planning to unveil its crypto token, with final preparations for a smooth launch underway.
Commenting on how the Humanity Protocol system works, co-founder Terence Kwok told Reuters: “The protocol allows people to prove they are human without revealing personal details. This helps solve problems like bots, fake accounts and online fraud.”
The fundraising comes as the need for decentralised digital identity verification platforms grows amid the rapid adoption of artificial intelligence across various use cases.
It also comes at a time when the crypto market is in a bullish mood following the election of President Trump.
Trump has promised to establish a clear regulatory framework for digital assets, and last week, he took the first steps to deliver on his promises, tasking a Working Group to evaluate the creation of a U.S. digital asset reserve.
The SEC also launched a Crypto Task Force to develop a clear regulatory framework for the industry, with Commissioner Hester Pierce leading the team.
“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,” Kwok commented about Trump’s administration.
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